Elon Musk has been dethroned as the world’s richest person, with Oracle cofounder Larry Ellison now claiming the top spot.

According to Bloomberg, Ellison’s fortune soared by $101 billion to reach $393 billion following Oracle’s exceptional earnings report on Tuesday evening, overtaking Musk’s net worth of $385 billion.

Oracle’s (ORCL) stock skyrocketed 41% on Wednesday—its biggest single-day gain since 1992—driven by overwhelming demand for data center capacity from artificial intelligence (AI) clients.

CEO Safra Catz revealed after markets closed on Tuesday that Oracle secured four multibillion-dollar contracts during the quarter and expects more in the coming months.

The company’s momentum is powered by its strategic role as a backbone for AI infrastructure, supplying cloud services and database software to meet the sector’s vast computing needs.

In July, Oracle announced a landmark deal to supply ChatGPT creator OpenAI with 4.5 gigawatts of electricity to support its AI operations.

“This will be remembered for years,” said Ben Reitzes, analyst at Melius Research, describing Oracle’s $455 billion AI services backlog as “staggering.”

Ellison, Oracle’s largest shareholder, could further extend his lead if the stock continues its extraordinary rally. With a market capitalization nearing $1 trillion, Oracle is poised to join the ranks of mega-cap tech giants like Nvidia and Microsoft, both of which recently surpassed $4 trillion in valuation.

Bloomberg reports that Ellison’s wealth surge marks the largest single-day increase ever recorded on its Billionaires Index, which will update again after Wednesday’s market close.

The AI-driven tech boom has transformed Oracle’s trajectory, with its stock climbing 103% this year alone. Reitzes noted, “Microsoft and Oracle really aren’t software companies anymore – they are AI cloud infrastructure stocks that happen to sell software too.”

Musk, who first claimed the “world’s richest” title in 2021 through his stakes in Tesla and SpaceX, has seen his crown slip several times, including to LVMH CEO Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024.

Despite setbacks, Musk continues to secure massive compensation packages, including one potentially worth nearly $1 trillion should Tesla achieve key milestones.

For Ellison, now 81, the achievement is the culmination of a journey that began in 1977 when he co-founded Oracle after dropping out of college.

Beyond his business empire, he owns 98% of the Hawaiian island of Lana’i and revitalized California’s Indian Wells tennis tournament, now dubbed the sport’s “fifth slam.”

Ellison has also maintained close ties with political leaders, including former U.S. President Donald Trump, and has previously been linked to potential bids for companies such as TikTok.