In a stunning shift of fortunes within the global elite, Oracle co-founder Larry Ellison has eclipsed Tesla and SpaceX titan Elon Musk to claim the title of the world's second-wealthiest individual.
The dramatic change, reported by the Bloomberg Billionaires Index, was triggered by a significant downturn in Tesla's share price. A disappointing earnings report and sobering warnings about slower sales growth from the electric vehicle giant have spooked investors, leading to a massive sell-off.
This market reaction wiped a staggering $25.6 billion from Musk's net worth in a single day, one of the most substantial one-day wealth drops in recent history.
The New Billionaire Pecking Order
The upheaval has officially reshuffled the top three:
- 1. Bernard Arnault: The chairman of LVMH remains firmly in the top spot with an estimated fortune of $207 billion.
- 2. Larry Ellison: With an estimated net worth of $146 billion, the Oracle chairman leapfrogs into second place. His wealth is largely tied to his substantial stake in Oracle, which has seen more stable performance.
- 3. Elon Musk: Now in third place with an estimated $144 billion, his fortune remains heavily dependent on the volatile performance of Tesla stock.
A Relationship Beyond Business
The wealth shift adds a fascinating layer to the well-documented friendship between the two tech magnates. Ellison is not only a longtime associate of Musk but also a sitting member on Tesla's board. Furthermore, he is a significant investor in Musk's social media platform, X (formerly Twitter).
This financial coup by Ellison underscores the unpredictable nature of wealth among the ultra-rich, where fortunes can be made and unmade based on daily stock market fluctuations. It also highlights the growing influence of established tech giants like Oracle in the age of cloud computing and AI, sectors where Ellison's company is a dominant force.
All eyes are now on whether Tesla can recover its momentum or if Ellison will continue to hold his new position in the global wealth rankings.
