Oracle co-founder Larry Ellison has leapfrogged Elon Musk to become the world’s richest man, after his fortune soared by an unprecedented $101 billion in just 24 hours.
According to the Bloomberg Billionaires Index, Ellison’s net worth climbed to $393 billion on Wednesday morning, edging past Musk’s $385 billion (£284bn).
Cloud Boom Powers Wealth Surge
The staggering rise was driven by soaring demand for Oracle’s cloud and data center services, particularly from artificial intelligence firms. Oracle CEO Safra Catz revealed the company had secured four multibillion-dollar contracts in the last quarter, with more in the pipeline.
Shares of Oracle jumped more than 40% by mid-morning Wednesday, fueling what Bloomberg described as the largest one-day wealth increase ever recorded since it began tracking billionaires.
Ellison’s New Dominance
The 81-year-old tech magnate, who co-founded Oracle in 1977 and remains its largest individual shareholder, has cemented his company as a pivotal player in the AI revolution. Earlier this year, Oracle struck a landmark deal to supply OpenAI with 4.5 gigawatts of electricity to power its advanced software.
Ellison’s fortune now outpaces Musk’s, though the Tesla and SpaceX boss still has vast wealth tied to future projects. Musk is eyeing a potential new Tesla compensation package worth nearly $1 trillion if performance milestones are achieved.
Lifestyle and Influence
Beyond his business empire, Ellison owns 98% of the Hawaiian island of Lana’i and revitalized the Indian Wells tennis tournament, dubbed the sport’s “fifth slam.” He is also known for his close ties to President Donald Trump, frequently appearing at the White House and playing a key role in Oracle’s government contracts.
Musk, who first claimed the top spot in 2021, has slipped before—briefly behind LVMH’s Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024. Still, this marks the most dramatic swing yet, underscoring the explosive impact of AI on the global tech hierarchy.
