By Danielle Kaye & Dr. Kivumbi Earnest Benjamin , L.H.D , (Hon.)

Elon Musk has been dethroned as the world’s richest individual, with Oracle co-founder Larry Ellison claiming the top spot, according to the Bloomberg Billionaires Index.

Ellison’s fortune surged to $393 billion (£290bn) on Wednesday morning, surpassing Musk’s $385 billion (£284bn). The shift was driven by a dramatic rise in Oracle’s share price, which soared more than 40% after the company delivered a bullish outlook on its cloud computing and artificial intelligence (AI) ventures.

The 81-year-old billionaire, who co-founded Oracle in 1977, has steadily grown his wealth over nearly five decades. His net worth is closely tied to Oracle’s performance, and the company’s recent momentum in cloud infrastructure and AI has cemented his new financial dominance.

Musk, who had held the title for nearly a year, faces headwinds. Tesla shares—the cornerstone of his wealth—have declined amid investor unease over the Trump administration’s rollback of electric vehicle policies, as well as consumer backlash tied to Musk’s political stances. Although Musk could secure a future pay package worth over $1 trillion (£740bn) if Tesla meets ambitious long-term targets, recent struggles have cost him his crown.

Oracle’s AI Boom

Oracle has been buoyed by surging demand for data centre infrastructure, particularly from AI companies. The firm forecast that cloud revenue will rise 77% this year to $18 billion, with further growth expected.

CEO Safra Catz revealed that Oracle signed four multibillion-dollar contracts in the last quarter and is negotiating several more. The company’s role in powering AI innovation has turned it into one of Wall Street’s hottest bets.

Trump Ties and Media Moves

Ellison’s rise is not confined to tech. A close ally of President Donald Trump, he has played a visible role in shaping the U.S. AI landscape. Earlier this year, Ellison appeared alongside OpenAI’s Sam Altman and SoftBank’s Masayoshi Son to launch Project Stargate, a U.S.-based initiative to build advanced AI infrastructure.

Oracle is also seen as a potential buyer of TikTok, which faces a U.S. ban unless Chinese parent ByteDance sells its stake. Trump himself recently remarked: “I’d like Larry to buy it, too.”

Beyond TikTok, Ellison has backed ambitious media ventures. He bankrolled most of his son David’s $8 billion acquisition of Paramount Global—owner of CBS and MTV—through Skydance Media. That deal closed last month, giving the Ellison family a significant foothold in Hollywood.

From Silicon Valley to Wall Street, and now into Hollywood, Ellison’s influence appears broader than ever—cementing his status not only as the world’s wealthiest man, but also as one of its most powerful.