Oracle co-founder and Chairman Larry Ellison has overtaken Tesla CEO Elon Musk to become the world’s richest person, following an unprecedented surge in Oracle’s stock that added $101 billion to his fortune.
According to Forbes’ real-time billionaire rankings, Ellison’s net worth now stands at $395.7 billion. The milestone comes after Oracle shares jumped 41 per cent on the New York Stock Exchange on Wednesday, marking the steepest one-day rally since 1992. In contrast, Musk’s wealth declined as Tesla’s shares slipped 14 per cent this year, ending his 300-day reign as the world’s richest individual.
The sharp rise in Oracle’s valuation comes on the back of its bullish outlook on cloud computing. The company projected revenue growth of 12 to 14 per cent for the second quarter, with cloud revenues expected to climb by as much as 36 per cent. Investors responded strongly to Oracle’s forecast, pushing its market valuation to $947 billion.
The turnaround reflects Oracle’s aggressive positioning in the artificial intelligence sector, where it has been competing with Microsoft, Amazon, and Google. The company has recently played a central role in the United States government’s AI strategy, particularly under President Donald Trump’s “Project Stargate” initiative, which involves partnerships with OpenAI and SoftBank.
At 80, Ellison remains at the heart of Oracle’s operations as Chairman and Chief Technology Officer, decades after co-founding the company in 1977. His personal wealth is largely tied to Oracle shares, which had already risen 45 per cent this year before Wednesday’s record-breaking rally. He stepped down as Oracle’s CEO in 2014 but continues to shape the company’s strategy, particularly in AI and cloud technology.
Musk, who first claimed the title of the world’s richest person in 2021, has oscillated at the top of the rankings over the years, briefly losing it to Amazon’s Jeff Bezos and LVMH’s Bernard Arnault before reclaiming it in 2024. The latest reshuffle in global wealth underscores the volatility of markets, particularly in sectors like technology and electric vehicles.
Ellison has also been outspoken about the transformative role of AI, describing it as a tool that will redefine how societies operate. He has suggested that the technology could usher in an era of continuous monitoring, where AI systems record and report public behaviour in real time to encourage social compliance.
With Oracle’s strong financial performance and its AI ambitions aligned with government priorities, analysts suggest Ellison’s position at the top may remain secure, at least until the next market swing reshapes the fortunes of the world’s billionaires.
