Elon Musk Toppled as World’s Richest Man

(Evan Vucci/AP photo)

Move over, Musk. There’s a new billionaire in town.

Elon Musk, the multi-billionaire Tesla boss and former White House “first buddy,” has been knocked from the top of the world’s richest list, Bloomberg reported Wednesday.

The title now belongs to Larry Ellison, the co-founder of software giant Oracle, whose net worth now totals $393 billion, according to Axios, above Musk’s $385 billion.

Ellison, 81, jumped to the top of the list as Oracle’s stock soared 40 percent Wednesday, triggered by the company’s new AI initiative.

“This revolutionary new cloud service enables the tens of thousands of our database customers to instantly unlock the value in their data by making it easily accessible to the most advanced AI reasoning models,” Ellison said in a statement Wednesday. “Oracle AI Cloud Infrastructure and the Oracle MultiCloud AI Database will both contribute to dramatically increasing cloud demand and consumption over the next several years. AI Changes Everything.”

While Wednesday was a good day for Oracle on Wall Street, the gains may be just the beginning.

“As a bit of a preview, we expect Oracle Cloud Infrastructure revenue to grow 77% to $18 billion this fiscal year — and then increase to $32 billion, $73 billion, $114 billion, and $144 billion over the subsequent four years,” Oracle CEO Safra Catz said in the company statement. “Most of the revenue in this 5-year forecast is already booked in our reported RPO. Oracle is off to a brilliant start to FY26.”

In addition to his Oracle wealth, Ellison owns 50 percent of Skydance, which merged with Paramount this past summer. Ellison’s 42-year-old son David Ellison is now the CEO of Paramount Skydance Corporation, overseeing such brands as MTV, CBS, and Comedy Central.

The news comes days after Musk was in line to become the world’s first trillionaire after signing a bonus package with Tesla.