Oracle co-founder Larry Ellison has climbed past Tesla boss Elon Musk to claim the top spot on the global rich list after a dramatic surge in Oracle’s share value added billions to his fortune.
Ellison’s net worth rose to $393 bn (£290 bn) on Wednesday, according to the Bloomberg Billionaires Index, outpacing Musk, who now stands at $385 bn (£284 bn).
The software giant’s stock jumped by more than 40 per cent after the company reassured investors with an upbeat projection for its cloud computing and artificial intelligence business.
Oracle’s earnings report forecasts a 77 per cent increase in cloud revenue this year, estimating $18bn in returns and further growth ahead.
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Chief executive Safra Catz told investors that Oracle had already sealed four multi-billion-dollar contracts with AI firms last quarter, with more agreements expected soon.
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Musk, who held the crown of the world’s richest person for nearly a year, is still in line for a proposed $1 trillion (£740 bn) pay package from Tesla if he meets a set of demanding performance milestones.
But Tesla shares have slumped in 2025 as the company struggles with consumer backlash over Musk’s political activities.
Ellison, 81, co-founded Oracle in 1977 and built it into one of the world’s most powerful tech firms. Though he stepped down as chief executive in 2014, he remains chairman and chief technology officer.
His wealth has ballooned with Oracle’s pivot to data centres and AI infrastructure, a sector now exploding with demand.
He has also carved a political profile as a close ally of Trump.
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Earlier this year, Ellison stood alongside Trump, OpenAI’s Sam Altman and SoftBank’s Masayoshi Son to launch Stargate, a multibillion-dollar project to expand US AI infrastructure.
Oracle has emerged as a potential buyer of TikTok, which faces a US ban unless it cuts ties with its Chinese parent, ByteDance.
Asked in January whether Musk should buy the app, Trump remarked, “I’d like Larry to buy it, too.”
Beyond TikTok, Ellison has extended his influence into entertainment. He bankrolled the bulk of his son David Ellison’s $8bn takeover of Paramount, the media company that owns CBS and MTV.
That acquisition, finalised last month, deepened the Ellison family’s reach into Hollywood.
Ellison’s rise marks a sharp contrast with Musk, who has faced turbulence at Tesla, criticism for his political posturing, and growing uncertainty over the electric vehicle industry’s future under Tinubu’s government.
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