Global News: Oracle co-founder Larry Ellison has overtaken Elon Musk as the world’s richest person, following a record-breaking surge in Oracle’s stock that added more than US$100 billion to his fortune in a single trading day.
According to the Bloomberg Billionaires Index, Ellison’s net worth soared to US$393 billion, pushing him past Musk, whose wealth fell to US$385 billion after a decline in Tesla shares. This marks the first time Ellison has claimed the top spot in over a year, underscoring the explosive impact of Oracle’s strong earnings report and its growing dominance in the cloud and AI market.
The rally was triggered by Oracle’s announcement of new multibillion-dollar contracts with OpenAI, Meta, and other tech giants, positioning the company as a major competitor in cloud computing against Amazon, Microsoft, and Google.
Oracle’s share price jumped by over a third on Tuesday, driving what analysts have described as the single largest daily wealth gain in billionaire ranking history.
Ellison, who owns around 40 percent of Oracle, is no stranger to immense wealth, but this milestone solidifies his place in the AI-driven tech boom. His record-setting jump in fortune eclipses even Musk’s past gains during Tesla’s meteoric rise.
Meanwhile, Musk’s financial decline was fueled by Tesla’s stock retreat, coupled with investor concerns about slower growth in the electric vehicle sector.
While some wealth trackers like Forbes still place Musk narrowly ahead due to their higher valuations of SpaceX and other private holdings, Bloomberg’s data shows Ellison firmly in the lead.
Ellison’s rise reflects broader shifts in global tech wealth, where AI and cloud computing are emerging as the most lucrative battlegrounds. Analysts say his success underscores how “picks-and-shovels” companies powering AI adoption are quickly outpacing consumer-facing ventures like Tesla.
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