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Oracle cofounder Larry Ellison has overtaken Tesla and SpaceX boss Elon Musk as the world’s richest person, according to the Bloomberg Billionaires Index.
Ellison’s net worth jumped by $101 billion in a single day, reaching $393 billion, following Oracle’s blockbuster earnings report on Tuesday. The surge pushed him ahead of Musk, whose fortune stands at $385 billion.
Oracle shares soared 40% by Wednesday morning after the company reported skyrocketing demand for data centre capacity from artificial intelligence (AI) companies. Chief Executive Officer Safra Catz revealed that Oracle signed four multibillion-dollar contracts during the quarter and expects more deals soon.
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The company has quickly become a central player in powering AI firms’ vast computing needs. In July, Oracle announced a deal to supply OpenAI with 4.5 gigawatts of electricity to fuel its AI software.
Bloomberg described Ellison’s $101 billion gain as the largest one-day increase in wealth ever recorded. Oracle, valued at nearly $700 billion before the report, now ranks among the most valuable companies in the world as the AI boom reshapes global markets.
Ellison, 81, has long been Oracle’s biggest shareholder. His rise to the top spot reflects both Oracle’s AI-driven growth and investors’ faith in cloud and database infrastructure as the backbone of future technology.
The billionaire first co-founded Oracle in 1977 after dropping out of college. Beyond business, Ellison owns 98% of Hawaii’s Lana’i Island and is credited with reviving the Indian Wells tennis tournament, now often dubbed the sport’s “fifth slam”.
Musk, who first captured the “world’s richest” title in 2021, has seen his wealth fluctuate alongside Tesla’s stock performance. He briefly lost the crown twice before—to LVMH’s Bernard Arnault in 2021 and Amazon’s Jeff Bezos in 2024—but largely held on thanks to Tesla and SpaceX’s soaring valuations.
Despite Musk’s recent setback, his controversial new Tesla compensation package could eventually be worth close to $1 trillion if the company meets key milestones.
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