Elon Musk has been knocked off the throne as the world’s richest person, according to Bloomberg’s updated billionaire rankings.
The Tesla and SpaceX chief, 54, lost his crown to Oracle co-founder and chief technology officer Larry Ellison, whose fortune surged following stronger-than-expected company results.
Oracle co-founder Larry Ellison has taken the top spot as Tesla’s CEO sees his fortune dip.
Ellison, 81, saw his wealth reportedly jump by $101 billion after Oracle announced booming quarterly earnings. The company credited the spike to AI clients and a surge in demand for its data center services.
Shares were reported to be up 40 percent as of Wednesday morning, according to CNN Business.
For Musk, it marks another dramatic shift in a whirlwind year.
The billionaire has temporarily headed the Department of Government Efficiency (DOGE), endorsed Conor McGregor to run for president of Ireland, and endured repeated dips in Tesla’s stock value.
Now, he adds losing the richest-person title to that list.
Still, the tech mogul has a potential path back to the top.
Musk has been offered a $1 trillion payout by Tesla if he can meet 12 operational milestones over the next decade. The package could make him the world’s first trillionaire.
According to news.com.au, the targets include rolling out robotaxis and humanoid robots, alongside raising profits as measured by adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation).
If successful, Musk’s stake in Tesla would climb from nearly 16 percent to over 25 percent.
However, the payout is not guaranteed.
Musk will lose the compensation package if he fails to meet the outlined milestones, or if he steps down from serving in an approved role at Tesla.
For now, the billionaire visionary will have to settle for second place.
Featured image credit: Defense Visual Information Distribution Service / Tesla
