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Larry Ellison, Oracle's chief executive, is giving Elon Musk tough competition for the title of the world's richest person.
His fortune surged by an astonishing $70 billion in a single day after Oracle posted quarterly results that beat expectations.
As of 12 PM Wednesday, Oracle shares had jumped 31% in Frankfurt, the company's biggest one-day gain since 1999, after it projected that revenue from its Oracle Cloud Infrastructure business could exceed half a trillion dollars.
This came after the company said it expects booked revenue at its Oracle Cloud Infrastructure business to exceed half a trillion dollars. The firm also raised its cloud growth forecast to 77% this year, up from 70%.
Since Ellison owns a huge chunk of the company, his personal wealth skyrocketed to around $364 billion, putting him closer to Elon Musk, who is at $384 billion, according to the Bloomberg Billionaires Index. If the rally holds, Ellison's gain will mark the biggest one-day increase in wealth ever recorded by the tracker.
Musk became the world's richest person for the first time in 2021 before losing the title to Amazon's Jeff Bezos and LVMH's Bernard Arnault. He reclaimed it last year and has now held it for just over 300 days.
Ellison's rise against Musk
Ellison co-founded Oracle and now serves as its chairman and chief technology officer. His wealth is overwhelmingly tied to the database software giant, whose stock had already climbed 45% this year before Tuesday's surge. Musk, of course, is the chief executive of Tesla, whose shares are down 14% in 2025, reducing the value of his holdings.
Investopedia reported that under Ellison's leadership, Oracle grew from a startup with three programmers into the largest database software supplier and the second-largest supplier of business applications.
For the second quarter, Oracle projected total revenue growth of 12%–14% and cloud revenue growth of 32%–36%, signalling confidence that the momentum driving Ellison's wealth surge could continue.
Looking back
In June, Oracle cofounder Larry Ellison leapfrogged both Bezos and Meta CEO Mark Zuckerberg to become the world's second-richest person, following a sharp rally in Oracle shares.
According to the Forbes Billionaires List, Ellison's net worth surged to $258.8 billion, placing him ahead of both Bezos, whose wealth was estimated at $227 billion, and Zuckerberg, at $235.7 billion. Ellison was behind Tesla and SpaceX CEO Elon Musk, who remained the world's richest person with a net worth of $410.8 billion.
Ellison's Tesla connection
Interestingly, back in 2019, Larry Ellison disclosed a $1 billion stake in Tesla. The 10-figure holding was revealed in a filing with the US Securities & Exchange Commission.
The Oracle founder and longtime friend of Tesla chief executive officer Elon Musk joined the electric-car maker's board in December in an effort to show regulators that the board is providing effective oversight.
Musk's new pay package
Meanwhile, on September 5, Tesla's board proposed a new compensation plan for CEO Elon Musk valued at about $1 trillion upon achieving certain lofty targets.
The staggering compensation package stands to make the richest man in the world even richer. The package will be effective if Tesla expands its market capitalisation from around $1.1 trillion to $8.5 trillion.
The targets also include delivering 20 million vehicles annually, having one million robotaxis in operation, and producing one million artificial intelligence (AI) humanoid robots within 10 years. Musk must remain CEO for at least 7.5 years to start vesting and 10 years for full payout.
To put the scale in perspective, 91% of the world's countries have an entire GDP smaller than the value of this package.
Source: EconomicTimes
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