Elon Musk has lost his title of “world’s richest person” to Oracle co-founder Larry Ellison.

Ellison’s fortune surged by $101 billion USD (approximately $152 billion AUD), reaching a total of $393 billion USD (around $594 billion AUD) following Oracle’s impressive earnings release this week. This leap allowed Ellison to surpass Musk’s net worth, which stands at $385 billion USD, as reported by Bloomberg.

Oracle, identified by its ticker symbol ORCL, experienced a significant increase in demand for its data center capabilities from AI clients, sending its stock prices soaring. Shares rose by 36% on Wednesday, marking the largest single-day increase since 1992.

The company’s market valuation increased by about $244 billion USD on Wednesday, elevating its total worth to roughly $922 billion USD. Consequently, Oracle climbed from being the 13th to the 10th most valuable company in the US S&P 500 index.

Bloomberg notes Ellison’s leap in wealth is the “biggest one-day increase ever recorded” recorded by the index.

Meanwhile, Tesla shares (TSLA) are down roughly 14 per cent this year.

Musk initially claimed the title of the world’s wealthiest individual in 2021 and has mostly retained it due to his diverse investments in Tesla and SpaceX.

Over the years, Musk has briefly lost it twice, first in 2021 to LVMH CEO Bernard Arnault and in 2024 to Amazon founder Jeff Bezos.

Despite facing various challenges, Musk has succeeded in maintaining his position. He was even awarded a new compensation package potentially worth nearly $1 trillion USD, contingent on Tesla reaching certain benchmarks.