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Musk dethroned as world's richest man

7 1
11.09.2025
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PRESENTED BY INTERNATIONAL JUSTICE MISSION

The Big Story

Larry Ellison becomes world's richest person

Oracle co-founder Larry Ellison has dethroned Tesla CEO Elon Musk as the world’s richest person.

© AP Photo/Mark J. Terrill

Ellison’s net worth grew a massive $101 billion Wednesday morning to $393 billion, surpassing Musk’s $385 billion fortune, according to Bloomberg.

The surge in Ellison’s wealth comes after Oracle’s stock soared 40 percent Wednesday.

The company reported earnings late Tuesday, touting several multibillion-dollar contracts that are expected to result in $455 billion in future revenue.

“It was an astonishing quarter—and demand for Oracle Cloud Infrastructure continues to build,” Oracle CEO Safra Catz said in a statement.

Catz added that the cloud company plans to sign up several more multibillion-dollar customers in the next few months, which could push its remaining performance obligations above $500 billion.

She also laid out an ambitious forecast for Oracle’s cloud infrastructure division, with the company expecting a 77 percent increase in revenue to $18 billion in fiscal year 2026.

It further anticipates cloud infrastructure revenue will grow to $32 billion, $73 billion, $114 billion and $144 billion over the following four years.

Musk, who has held the title of the world’s richest person for nearly a year, saw his net worth surge to a peak of $486 billion last December.

However, his wealth declined significantly earlier this year, as his government work weighed heavily on his companies, most notably Tesla.

 

Welcome to The Hill’s Technology newsletter, I'm Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.

 

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