Larry Ellison, co-founder of Oracle, has overtaken Elon Musk to become the world’s richest person, according to the latest update from the Bloomberg Billionaires Index.
Ellison’s net worth climbed to nearly $400 billion after Oracle’s shares soared more than 40% on Wednesday, propelled by robust demand for the company’s cloud infrastructure and artificial intelligence services.
The surge in Oracle’s market value, which approached $1 trillion during the day’s trading, followed the company’s announcement of a $450 billion-plus backlog for cloud services and several multibillion-dollar contracts with major AI firms, including Nvidia and OpenAI. Oracle’s chief executive, Safra Catz, told investors that the company expects to sign additional large-scale deals in the coming months.
Ellison, 81, has steadily built his fortune since co-founding Oracle more than four decades ago. His wealth is closely tied to the company’s performance, and the recent gains mark the largest one-day increase ever recorded by the Bloomberg index.
The jump in Ellison's wealth comes amid a monthslong erosion in Musk's standing among the wealthy elite. His net worth has been declining alongside a slide in sales for Tesla, where he leads as CEO. That hasn't stopped the automaker's board from advancing an unprecedented $1 trillion pay package incentivizing Musk to turn things around in the years to come.
Oracle’s recent earnings report highlighted the company’s emergence as a key provider of infrastructure for artificial intelligence companies. The firm reported surging demand for its data center capacity, with its cloud business projected to grow by 77% this year to $18 billion. The company’s backlog of business, driven by AI partnerships, is expected to soon exceed half a trillion dollars.
Ben Reitzes, an analyst at Melius Research, described Oracle’s $455 billion backlog as “staggering,” adding in a note to investors that, “We’ll be talking about this one for a long time.”
Oracle’s stock has risen 103% this year, outpacing many of its technology peers. The company’s growth comes as the broader tech sector continues to benefit from the accelerating adoption of AI, with firms like Nvidia and Microsoft also reaching historic valuations.
Beyond technology, Ellison and his family have expanded their influence into media and politics. As noted by BBC News, his son, David Ellison, recently completed an $8 billion acquisition of Paramount Global, the parent company of CBS and MTV. The transaction was funded in part by $6 billion from the Ellison family fortune.
Ellison has also maintained close ties with political figures, including President Donald Trump. Earlier this year, he appeared at the White House alongside OpenAI’s Sam Altman and SoftBank’s Masayoshi Son to announce a $500 billion data center project, which will utilize Oracle technology to build out AI infrastructure in the US.
As Oracle continues to secure major contracts and expand its cloud and AI footprint, Ellison’s position at the top of the world’s wealth rankings underscores the growing importance of technology infrastructure in the global economy. The company’s leadership expects further growth, with Catz stating that Oracle is “looking forward to [its] new growth phase with additional multi-billion-dollar customers.”
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