Elon Musk has been dethroned as the ‘richest person in the world’ by Larry Ellison, the co-founder of Oracle, based on the latest Bloomberg reports.
This year has been eventful for the 54-year-old Musk: he briefly led the Department of Government Efficiency (DOGE), supported boxer Conor McGregor for the Irish presidency, and witnessed significant declines in Tesla stock.
Now, Musk has been replaced at the top of the World’s Richest list by Larry Ellison, co-founder and chief technology officer of Oracle, according to reports.
The 81-year-old American entrepreneur reportedly saw his fortune rise by $101 billion following the announcement of Oracle’s quarterly results, which exceeded previous expectations.
Oracle attributed the impressive figures to AI customers and an increasing demand for the data center of the company founded in 1977.
By Wednesday 11am ET, shares had risen by 40 percent, according to CNN Business.
This increase has boosted Ellison’s wealth to an astounding $393 billion, surpassing Musk’s $384 billion, as noted by the Bloomberg Billionaires Index.
Bloomberg describes Ellison’s gain as the ‘biggest one-day increase ever recorded’ by the index.
This isn’t Musk’s first time losing the top spot. Since first becoming the wealthiest person in the world in 2021, he has previously ceded the title to LVMH CEO Bernard Arnault and Amazon founder Jeff Bezos.
Once the Bloomberg Index updates, Musk will officially be placed behind Ellison.
He will be followed by Facebook founder Mark Zuckerberg, Bezos, and former Google CEO Larry Page, who will occupy the third, fourth, and fifth spots on the Bloomberg index, respectively.
Ellison’s ascension occurs just after Tesla proposed a $1 trillion compensation package to Musk if he can elevate the company’s market value from $1.1 trillion to $8.5 trillion (A$12.9 trillion) over the next ten years.
If the Tesla CEO achieves 12 operational targets within the next decade, he could become the world’s first trillionaire.
According to news.com.au, these objectives include deploying robotaxis and robots, as well as increasing profits measured by adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA).
Additionally, Musk’s achievements would see his ownership in the company rise from nearly 16 percent to over 25 percent, as reported by the outlet.
However, the SpaceX founder will forgo the lucrative prize if he fails to meet the specified targets. He will also lose the compensation if he no longer serves Tesla in an ‘approved role.’