Elon Musk, the billionaire entrepreneur behind Tesla, SpaceX, and X, has officially lost his position as the world’s richest individual. According to the Bloomberg Billionaires Index, the top spot now belongs to Larry Ellison, the 81-year-old co-founder and chief technology officer of Oracle, who surged past Musk following a record jump in his fortune.

Larry Ellison’s Record Wealth Surge

Ellison’s wealth skyrocketed after Oracle reported quarterly results that far exceeded expectations. Fueled by a dramatic rise in demand for artificial intelligence (AI) services and the rapid expansion of its cloud and data center business, Oracle’s stock price spiked more than 40% in a single session. That increase translated into an astonishing $101 billion boost to Ellison’s net worth, bringing his total fortune to $393 billion.

Bloomberg described the event as the largest one-day wealth increase ever recorded in the history of the index. Musk, whose fortune is now estimated at $384 billion, has been pushed down to second place.

Musk’s Recent Challenges

The dethroning comes during a turbulent year for Musk. Tesla’s stock has suffered sharp fluctuations, eroding a significant portion of his wealth. At the same time, Musk has faced mounting pressure as competition in the electric vehicle industry intensifies globally, while Tesla grapples with declining margins and slowing demand in certain markets.

Although Musk has frequently reclaimed the title of the world’s richest person since first earning it in 2021, he has also lost it multiple times, previously to Bernard Arnault of LVMH and Amazon founder Jeff Bezos. This latest shift underlines how volatile rankings can be in the age of AI and technology-driven fortunes.

The $1 Trillion Tesla Bet

Ironically, the shake-up in global wealth rankings comes just days after Tesla confirmed an unprecedented $1 trillion compensation package for Musk. The payout is conditional on him achieving 12 highly ambitious operational and market targets over the next decade.

Among these goals are the successful rollout of autonomous robotaxis, humanoid robots, and a massive boost in Tesla’s profitability as measured by EBITDA. If Musk delivers, Tesla’s market value could grow from around $1.1 trillion to $8.5 trillion — a leap that would not only secure him the payout but potentially make him the world’s first trillionaire.

However, the terms are strict. If Musk fails to meet the outlined goals or steps down from an approved role at Tesla, he forfeits the package entirely.

What This Means for the Billionaire Race

Ellison’s rise underscores how the global billionaire landscape is being reshaped by the explosive growth of AI and cloud computing. For decades, Musk has been synonymous with disruptive innovation, from electric cars to reusable rockets. But as AI becomes the new frontier of technology, fortunes are shifting toward those positioned at the core of data infrastructure and digital intelligence.

While Musk remains an influential figure with vast wealth and future growth prospects, Ellison’s surge serves as a reminder that the competition at the very top of the global rich list is as unpredictable as the markets themselves.

For now, Larry Ellison reigns as the world’s wealthiest person, setting a new benchmark in billionaire history, while Elon Musk faces the challenge of delivering on his audacious $1 trillion Tesla bet to reclaim the crown.