Larry Ellison has overtaken Elon Musk as the world\u2019s richest person after shares in his software giant Oracle soared on Wednesday.<\/p>\n
Ellison\u2019s fortune was up $101 billion mid-morning after the company\u2019s revenue forecasts for the next five years caused its\u00a0market value to rise\u00a044% to more than $959 billion.<\/p>\n
The increase puts Ellison\u2019s\u00a0estimated fortune\u00a0at $393 billion, per Bloomberg Billionaires Index, ahead of Musk, who is worth $385 billion. The rise marks the sharpest one-day rise ever for a member of the index, the outlet reported.<\/p>\n
Ellison, 81, owns 41% \u2013 about 1.16 billion shares \u2013 of the\u00a0software giant\u00a0he co-founded in 1977. Oracle’s market value rocketed after it stunned investors with forecasts of $144 billion revenue by 2030, fueled by an AI-driven cloud computing boom.<\/p>\n
His wealth has surged at a time when Musk\u2019s crown jewel, Tesla, is under mounting pressure. The electric carmaker has faced declining demand, fueled in part by consumer pushback against Musk\u2019s political ties to president Donald Trump.<\/p>\n
Since December, Tesla\u2019s stock has dropped roughly 25%. Musk still holds around 16% of the automaker, a stake currently valued at close to $187 billion.<\/p>\n
Oracle\u2019s growing influence in AI has\u00a0allowed it to benefit\u00a0from the same market rally that catapulted Nvidia to the top of the corporate world, giving the chipmaker a valuation of more than $4 trillion.<\/p>\n
Its massive projected revenue represents a giant leap from forecasts of $18 billion for the current fiscal year, and came after what chief executive Safra Catz called an \u201castonishing\u201d quarter.<\/p>\n
Musk first became the world\u2019s richest person in 2021, a position he has mostly maintained thanks to his stakes in Tesla and SpaceX. He briefly slipped from the top spot twice \u2013 once to LVMH chief Bernard Arnault in 2021, and again to Amazon founder Jeff Bezos in 2024.<\/p>\n
Nonetheless, Musk has managed to hold on to his lead for much of that time. Tesla even approved a new compensation plan for him that could eventually be\u00a0worth nearly $1 trillion\u00a0if the company meets its performance goals.<\/p>\n
Ellison, like Musk, also has ties with Trump and has appeared with the president at investment\u00a0events this year\u00a0. At one point, he was floated as a potential buyer of TikTok, though the deal never materialized.<\/p>\n
He also owns almost the entire Hawaiian island of Lana\u2019i, and is credited with a major role in transforming the Indian Wells tennis tournament in California into what many call a \u201cfifth Grand Slam.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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