Elon Musk Briefly Overtaken by Oracle Cofounder Larry Ellison as World’s Richest Person
New York – Elon Musk temporarily lost his crown as the world’s richest person to Oracle cofounder Larry Ellison after the tech giant’s stunning earnings report.
Ellison’s net worth surged by $89 billion to $383.2 billion on Wednesday, following Oracle’s blockbuster quarterly results, according to Bloomberg. Musk’s net worth briefly fell behind before closing the day at $384.2 billion, edging out Ellison by $1 billion.
Oracle’s Record-Breaking Earnings
Oracle (ORCL) reported skyrocketing demand for data center and cloud infrastructure from AI companies, sending shares soaring. The stock jumped as much as 43% intraday and closed up 36%, marking its largest single-day gain since 1992.
Oracle CEO Safra Catz revealed that the company signed four multibillion-dollar contracts in the quarter, with additional deals expected soon. This growth is fueled by Oracle’s position as a critical provider of AI cloud infrastructure, supporting companies like OpenAI, which in July partnered with Oracle for 4.5 gigawatts of electricity to power its AI operations.
“We’ll be talking about this one for a long time,” said Ben Reitzes, analyst at Melius Research. He described Oracle’s $455 billion AI service backlog as “staggering.”
Ellison’s Wealth Milestone
Larry Ellison briefly became the world’s richest person thanks to Oracle’s record stock surge. Shares hit an all-time high, pushing Oracle’s market value to $922 billion — a $244 billion gain. This jump moved Oracle from the 13th-most valuable S&P 500 company to the 10th, surpassing giants like Walmart, Eli Lilly, and JPMorgan Chase.
Ellison’s net worth increased by up to $101 billion intraday, setting a record for the largest single-day gain ever tracked by Bloomberg’s index. Oracle’s growth mirrors the broader AI-driven tech boom that has elevated companies like Nvidia and Microsoft to multi-trillion-dollar valuations.
“Microsoft and Oracle aren’t just software companies anymore — they’re AI cloud infrastructure stocks that also sell software,” Reitzes noted. Oracle’s stock has surged 97% in 2025, with analysts from Bank of America and Citi upgrading it to “buy.” Meanwhile, Tesla shares are down roughly 14% this year.
Musk vs. Ellison: A Battle of Billionaires
Elon Musk first claimed the title in 2021 and has mostly maintained it through his stakes in Tesla and SpaceX. Over the years, Musk has briefly lost the top spot — to LVMH CEO Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024 — but has reclaimed it each time. Musk also recently received a pay package potentially worth $1 trillion if Tesla meets certain milestones.
Larry Ellison, 81, co-founded Oracle in 1977 after dropping out of college. The billionaire owns 98% of the Hawaiian island of Lana’i and revitalized the Indian Wells tennis tournament, earning it the nickname “fifth Grand Slam.” He has close ties with former President Donald Trump and has been linked to potential tech acquisitions, including TikTok, though no deals have materialized.
The Takeaway
Oracle’s AI-driven growth highlights how cloud infrastructure and artificial intelligence are reshaping the tech and investment landscape. While Elon Musk remains at the top of the wealth rankings, Larry Ellison’s meteoric gains show the enormous value of AI and cloud computing in today’s market.