San Francisco — Elon Musk has lost his title as the world’s richest person to Oracle co-founder Larry Ellison, whose fortune climbed to $393 billion on Wednesday after a sharp rise in Oracle shares, according to the Bloomberg Billionaires Index. Musk’s net worth slipped to $385 billion, ending nearly a year at the top of the rankings.
Oracle stock jumped more than 40% after the software giant projected a 77% revenue increase in its cloud business, fueled by demand from artificial intelligence firms. The company also reported four multibillion-dollar contracts and said more deals are expected.
Ellison, a longtime ally of former President Donald Trump, has steadily built his wealth over five decades, largely tied to Oracle. Musk, meanwhile, has faced headwinds as Tesla shares declined this year amid investor concerns about U.S. policy shifts on electric vehicles and consumer backlash to his political involvement.
Despite the setback, Musk could still secure a massive payday. Tesla’s board has proposed a performance-based compensation plan that could be worth more than $1 trillion over the next decade if ambitious targets are met.