Tesla CEO and political activist Elon Musk is no longer the wealthiest man on Earth.
That title now belongs to Bronx-born Oracle chairman Larry Ellison, whose net worth jumped to $405 billion Wednesday, according to Barron’s. Musk’s net worth is reportedly $390 billion.
Barron’s said that Ellison had a $112 billion overnight spike to thank for that distinction. Oracle stock jumped 39% Wednesday, and the 81-year-old businessman owns 1.2 billion shares.
Oracle stock has reportedly risen 103% this year, while Tesla is down 12%. Musk also has interests in big companies including SpaceX.
The Daily Beast said Ellison becoming the world’s richest persons ends a more than 300-day run for Musk at the top of the richest person rundown.
Forbes released a list of the world’s wealthiest people on Tuesday. It listed Musk in the number one spot with Ellison finishing a distant second. Bloomberg’s Billionaire Index also showed Musk leading Ellison Tuesday despite a nearly $50 billion year-to-date loss.
But on Wednesday, Bloomberg reported “Larry Ellison tops Musk as world’s richest man” when the new top dog’s gains reached $101 billion.
Oracle largely has the success of its AI-fueled cloud revenue to thank for its surge in value. Though Ellison might not want to get “world’s richest man” t-shirts printed just yet.
A potential $1 trillion, 10-year deal Tesla is offering to retain Musk’s services is likely to be approved by shareholders in November, according to Reuters. He too is at the forefront of the rapidly expanding AI business and is only 54 years old.
Musk’s outspoken right-wing political activism has at times concerned some investors. CNBC reported in March that a Morgan Stanley survey of 245 respondents felt Musk’s involvement in politics at home and abroad has had either a “negative” or “extremely negative” impact on business fundamentals.
The South Africa native heavily funded the MAGA movement in the 2024 election in the U.S. and voiced support for far-right movements in Germany and Great Britain.
