Someone Just Dethroned Elon Musk as the World's Richest Person—And It May Not Be Who You Think The news arrives as Oracle shares soared 41% on Wednesday, the largest single-day growth in the company's history.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- Oracle Founder and Chief Technology Officer Larry Ellison is now the richest person in the world.
- Ellison beat out Tesla CEO Elon Musk, who has been in the top spot for over 300 days.
- Ellison’s rise in fortune is connected to Oracle’s projected growth, which the company announced on Tuesday.
Oracle founder Larry Ellison, 81, has surpassed Tesla CEO Elon Musk, 54, to become the world's richest person. It's Ellison's first time in the No. 1 spot.
Ellison's wealth grew by $101 billion as of 10:10 a.m. in New York, the biggest one-day increase in net worth ever, Bloomberg reported. His fortune has reached $393 billion, higher than Musk's $385 billion as of press time. Musk held the title of the world's richest person for the last 300 days. He has been in the top spot, off and on, since 2021.
Ellison's fortune grew after Wall Street was pleasantly "shocked" by cloud giant Oracle's forward-looking numbers and growth trajectory, reported on Tuesday. Oracle stated that its cloud infrastructure business revenue is expected to grow 77% to $18 billion this fiscal year. The company projected $144 billion in cloud revenue by 2030 — a nearly tenfold increase over the next five years.
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Larry Ellison, co-founder and executive chairman of Oracle Corp., during an executive order signing ceremony in the Oval Office of the White House in Washington, D.C., on Monday, Feb. 3, 2025. Chris Kleponis/CNP/Bloomberg via Getty Images
Oracle's growth has propelled Ellison's fortune to new heights. The octogenarian became the world's second-richest person in mid-July. He is Oracle's largest shareholder, with a 40% stake in the software company that comprises more than 80% of his wealth.
Oracle's stock price has swelled due to the AI boom, and is up 41% today, on pace for its best day in 35 years. The company's market value has more than tripled over the past two years, going from $289.81 billion in 2023 to $913.61 billion at the time of writing.
Who Is Larry Ellison?
Ellison was born on Aug. 17, 1944, and raised by his aunt and uncle on the South Side of Chicago. He showed an early interest in math and science, and dropped out of college, both the University of Illinois and the University of Chicago, after learning the basics of computer programming, according to The Academy of Achievement.
He moved to Berkeley, California, and took on programming jobs, eventually founding Oracle in 1977, and working as the company's CEO until September 2014. He is currently chairman and chief technology officer.
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What Does Oracle Do?
Oracle helps businesses store, analyze, and manage data by providing database software that companies can use to store and retrieve information. For example, companies store employee data and customer records on Oracle's databases.
Another core part of Oracle's business is its cloud computing service, which enables companies to use Oracle's servers and software to store data without buying their own equipment.
Oracle CEO Safra Catz said in an earnings statement on Tuesday that demand for Oracle's offerings was growing. In the first quarter of the year alone, Oracle had signed four multi-billion-dollar contracts, Catz disclosed.
"It was an astonishing quarter," Catz stated.
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