Elon Musk Loses Title of World’s Richest Person: Larry Ellison Takes the Top Spot
The global landscape of wealth rankings has experienced a surprising shift in recent days.
Elon Musk, the founder and CEO of tech giants Tesla and SpaceX, has been displaced from the top position as the world’s wealthiest individual.
The mantle of the richest person now belongs to Larry Ellison, co-founder of Oracle, who has seen a remarkable increase in his fortune over recent months, vaulting him to the summit of global wealth lists.
According to Bloomberg and other sources, on Wednesday evening, Ellison’s net worth surged by a staggering $101 billion, reaching approximately $393 billion.
This significant growth allowed him to surpass Musk, whose wealth is currently estimated at around $385 billion.
The key driver of this rapid ascent was Oracle’s stock price rally, which jumped 40% following the release of a financial report revealing several multi-billion-dollar contracts.
These deals are projected to generate future revenues of $455 billion for Oracle.
Oracle’s CEO, Safra Catz, highlighted that this quarter was extraordinary for the company, with demand for Oracle Cloud Infrastructure services continuing to grow.
She also announced that in the coming months, Oracle plans to sign additional multi-billion-dollar contracts, potentially pushing total obligations beyond $500 billion.
The company’s ambitious forecast envisions a 77% increase in cloud segment revenues by 2026, reaching $18 billion.
Over the next four years, Oracle intends to significantly expand its cloud services revenue to $32, 73, 114, and 144 billion dollars respectively.
As for Elon Musk, he held the title of the world’s richest person for nearly a year, with his wealth peaking at a record $486 billion in December 2024.
However, in 2024, his capital declined sharply due to challenges related to his company’s obligations and a drop in stock prices, particularly Tesla’s, as the tech market experienced volatility.
The downturn in Musk’s fortune reflects broader market trends, regulatory hurdles, and internal issues affecting his enterprises, marking a notable shift in the hierarchy of global wealth.