Oracle Founder Larry Ellison Dethrones Elon Musk as the Richest Man in the World—After $101 Billion Bump to His Fortune

Tesla billionaire Elon Musk's monthslong reign as the world's richest man has officially come to an end—after Oracle founder Larry Ellison rocketed to the top of the list of the wealthiest people on the planet thanks to a sudden $101 billion increase to his fortune.

Ellison, 81, has been steadily advancing his place on various billionaire wealth rankings over the past few months, overtaking Meta founder Mark Zuckerberg to achieve the No. 2 spot in July of this year.

However, that steady increase turned into a sudden windfall at the start of trading on Sept. 10, one day after Ellison's company, Oracle, released its impressive quarterly results—while hinting that it expects to secure "several additional multibillion-dollar customers" in the coming months.

Hours later, Oracle's stock had surged by as much as 43%, according to Bloomberg, which not only increased its market valuation to $969 billion, but also added an estimated $101 billion to Ellison's personal net worth, thereby propelling him to the title of the world's richest man.

As of 10:10 a.m. EST, Ellison's fortune was estimated to be worth $393 billion—while Musk's was valued at $385 billion, putting the former in the top spot of the Bloomberg Billionaires Index, which tracks the wealth of the world's richest men and women.

Interestingly, the significant shift comes just days after reports suggested Musk could become the first-ever trillionaire, thanks to a new pay package proposed by the Tesla board, which would reward him with huge sums over the next 10 years, provided he meets certain lofty business milestones.

Given the slim margin between his fortune and Ellison's, it is possible that Musk will retain the No. 1 spot on the Billionaires Index within a matter of days—however, it is the first time in months that the gap between the 1st and 2nd place holders has been narrowed to such a small amount.

Before the news of Oracle's gains, and the resulting increase to Ellison's fortune, there was an $89 billion difference between him and Musk.

Still, Ellison has been making impressive progress up the list since the start of the year, having toppled Zuckerberg in July, when it was reported that his fortune had grown by $59 billion within 12 months.

The majority of Ellison's worth comes from his 40% stake in his database company, Oracle, which he launched in 1977.

However, the company founder also boasts an incredibly impressive property portfolio that is worth close to $800 million—while Musk's personal real estate collection is valued at less than a tenth of that amount.

Many of Ellison's holdings are located in Malibu, where he began snapping up properties back in 2002.

In 2018, he made headlines with the purchase of Hollywood producer Joel Silver’s Malibu beach house for $38 million.

He has also reportedly amassed 11 other properties in the coastal city—including the Casa Malibu Inn, which he is said to have bought for $20 million in 2007, 10 years before he purchased another oceanfront estate for $48 million.

In total, his real estate holdings in the waterfront community are said to be worth upward of $180 million.

However, Ellison has not restricted his property purchases to just one community—and has spread his wealth to locales across the U.S., including the quaint Hawaiian island of Lanai.

This serene island reportedly has no traffic lights. But it does have some swanky resorts, which appear to have been of significant interest to the Oracle billionaire. In 2012, Ellison bought the two hotels as well as the land holdings that amount to 98% of the island for a reported $300 million.

His purchase included "87,000 of the island's 90,000 acres of land," according to reports—and he didn't stop there.

The tech mogul has since updated the hotels and added improvements to the island, such as some farming operations, with an eye toward turning the island into a sustainable mecca.

Ellison has also made his mark in the Sunshine State. In April 2021, he paid $80 million for a premium waterfront estate with the intention of tearing it down. However, over a year later, he still had not razed the home.

Instead, he tested the market with an ask of $145 million for his property in Seminole Beach Estate.

However, the listing never appeared to have led to a deal, and that property was later taken off the market.

Ellison’s property is the third-largest oceanfront parcel in Palm Beach County. It sits in a gated community with 24/7 security.

At 7.35 acres, the parcel is one of only a handful of properties in the state that can accommodate a private helipad. The property comes with 520 feet of ocean frontage.

In 2022, the entrepreneur made another splashy purchase: The wheeler dealer dropped a record-setting $173 million on another Florida property south of Palm Beach, in Manalapan.

Elsewhere on the East Coast, Ellison is reported to own four properties in the historic enclave of Newport, RI, including the Astors' former mansion, which he apparently purchased for $10.5 million in January 2010.

He is said to have spent an astonishing $100 million to renovate it for a planned Beechwood Art Museum.

Meanwhile, in his home state of California, Ellison owns a long-time home in San Francisco's Pacific Heights neighborhood. He picked up the William Wurster-designed mansion in 1988, paying a reported $3.9 million for the home, which is valued at over $9 million today.

Built in 1958, the over 10,000-square-foot layout includes five bedroom and six baths.

Years later, in 2011, he apparently picked up the home next door for a reported $40 million.