Elon Musk briefly loses world's richest title to Larry Ellison as Oracle shares skyrocket; check top 10 list

Tesla and SpaceX CEO Elon Musk has again emerged as the world's richest person after briefly losing the spot to Oracle co-founder Larry Ellison, according to the wealth tracker Bloomberg Billionaires Index.

Ellison moved to second place after Oracle shares rose over 40%, posting the biggest one-day gain since 1992 amid the artificial intelligence boom.

World's 10 richest people in 2025: Elon Musk leads, Larry Ellison takes second spot; check list

Oracle, which follows a June-to-May financial year, said that it has $455 billion in remaining performance obligations for Q1, up 359% from the year-ago period. Total quarterly revenues for Q1 were up 12% in USD and up 11% in constant currency (CC) to $14.9 billion.

Oracle CEO Safra Catz said that the company signed four multi-billion-dollar contracts with three different customers in the first quarter. "This resulted in RPO contract backlog increasing 359% to $455 billion. It was an astonishing quarter—and demand for Oracle Cloud Infrastructure continues to build. Over the next few months, we expect to sign-up several additional multi-billion-dollar customers and RPO is likely to exceed half-a-trillion dollars," she added.

The firm expects revenue from Cloud Infrastructure business to grow 77% to $18 billion in the current fiscal year and climb to $32 billion, $73 billion, $114 billion, and $144 billion over the next four years.

"MultiCloud database revenue from Amazon, Google and Microsoft grew at the incredible rate of 1,529% in Q1," said Oracle Chairman and CTO Larry Ellison.

He added, "We expect MultiCloud revenue to grow substantially every quarter for several years as we deliver another 37 datacenters to our three Hyperscaler partners, for a total of 71. And next month at Oracle AI World, we will introduce a new Cloud Infrastructure service called the 'Oracle AI Database' that enables our customers to use the Large Language Model of their choice—including Google's Gemini, OpenAI's ChatGPT, xAI's Grok, etc.—directly on top of the Oracle Database to easily access and analyze all their existing database data. 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. 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."

Meanwhile, on the other hand, Musk has seen Tesla stock drop around 14% this year amid growing competition in the EV space and falling market share.