Tech billionaire Larry Ellison has overtaken Elon Musk to become the world’s richest individual, after shares of Oracle — the software giant he co-founded nearly five decades ago — surged on soaring demand from artificial intelligence companies.

According to the Bloomberg Billionaires Index, Ellison’s fortune rose to $393 billion on Wednesday, surpassing Musk’s $385 billion. The jump followed Oracle’s stronger-than-expected quarterly results and optimistic growth forecast for its cloud division, which supplies computing infrastructure to AI leaders including OpenAI, maker of ChatGPT.

Oracle, founded in 1977 by Ellison, Bob Miner, and Ed Oates, built its reputation on databases for large organisations but has since transformed into a major cloud-computing provider. The company’s pivot has paid off in the AI era, with its $500 billion “Stargate” initiative set to create mega data centres tailored for artificial intelligence workloads.

Ellison, 81, remains Oracle’s executive chairman and chief technology officer after nearly four decades as CEO. Beyond tech, he owns 98% of Lanai, Hawaii’s sixth-largest island, has invested heavily in sailing and tennis, and recently expanded into entertainment by acquiring nearly half of Paramount Skydance in a $28 billion deal led by his son David.

Musk, meanwhile, has slipped in the rankings as Tesla’s stock struggles in 2025, undercutting his net worth despite his stakes in SpaceX and other ventures.

Ellison’s ascent marks the first time in his long career that he has topped the global wealth rankings, cementing Oracle’s transformation into an AI cloud powerhouse.