Elon Musk has lost his long-held world’s richest person title to Larry Ellison.
According to CNN, Oracle co-founder Ellison has dethroned the Tesla boss as the richest person in the world after a massive surge in his wealth.
As per the Bloomberg report on Tuesday, September 9, after Ellison’s $101 billion jump in wealth, it reached $393 billion, surpassing the SpaceX owner’s net worth of $385 billion.
The outlet described the massive leap as the “biggest one-day increase ever recorded” by the index.
After the stock market closed on Tuesday, Oracle CEO Safra Catz revealed that the company has secured four significant multibillion-dollar deals in the latest quarter and is expected to get more contracts in the coming months.
Oracle's stock also soared up 40% on Wednesday morning as demand for its data centre capacity from AI customers reached new heights.
Ellison is the largest individual shareholder in Oracle, and with the remarkable surge in the company, with a market value of nearly $700 billion, the 81-year-old took the top spot in the world’s richest people.
As the AI industry witnessed a remarkable boom this year, Oracle's strong performance in this technology has contributed to success, as its stock rose to 103% this year.
Elon Musk captured the world's richest person title in 2021 because of his stakes in Tesla and SpaceX and has held onto it for most years since then.
However, he briefly lost the title twice: first to Bernard Arnault, CEO of LVMH, in 2021, and then to Amazon founder Jeff Bezos in 2024.