Elon Musk is getting knocked down a peg.
Although the Tesla CEO has reigned as the world’s richest person for the better part of the year, he has officially lost the title to Oracle’s Larry Ellison, whose net worth is now estimated to be $393 billion, per Bloomberg.
According to Oracle’s quarterly results, reviewed by Bloomberg, the company’s chief technology officer surpassed Musk’s estimated $364 billion net worth just after 10 a.m. Sept. 10, with his overall worth reaching over $400 billion, per NBC News.
Ellison, 81, was previously listed as the fourth richest person in the world, behind Musk, as well as Facebook founder Mark Zuckerberg and Amazon’s Jeff Bezos,per Forbes. Prior to his company’s latest earnings report, his estimated net worth was around $192 billion.
Oracle’s massive spike in stock, jumping over 40 percent on Sept. 10, per CNBC, marks its largest jump in single-day earnings since 1992. The company’s big payout comes after it reported massive projections during a Sept. 9 earnings call, estimating around $144 billion in cloud infrastructure revenue over the next four years, largely due to the demand brought by artificial intelligence.
Ellison’s massive payday comes from owning over 40 percent of Oracle, having co-founded the company and led as its CEO for over 37 years. He stepped down in 2014, per Forbes, but remains CTO.
In the last few years, the tech billionaire has diversified his portfolio. He recently fostered the $8 billion Paramount and Skydance merger with his son David Ellison, a film producer and founder of the latter entertainment company, per Forbes. He also owns 98 percent of the Hawaiian island Lana’i, having purchased the land for $300 million in 2012, which he moved to permanently in 2020.
And this isn’t Ellison’s first run-in with Musk, either. The tech moguls, who are friendly, previously rubbed shoulders at Tesla, as Ellison sat on the company’s board from 2018 to 2022 (Musk has been chairman of the board since 2004, and CEO of the company since 2008.)
Ellison’s wealth has steadily risen over the last few months, and he recently shared a rare statement noting he would be “concentrating” his focus on his Ellison Institute of Technology, a for-profit company he founded in 2016, seeking to solve the world’s biggest issues.
As he wrote in a statement on X July 15, “I believe this will improve our chances of delivering practical solutions to the problems of hunger, healthcare and climate change.”
(E! News, NBC News and CNBC are both part of the NBCUniversal family.)
