Billionaire Elon Musk has reportedly lost his claim to be the "world's richest person."

Oracle co-founder Larry Ellison's wealth increased to $393 billion after his company reported strong earnings on Tuesday. In contrast, Musk's current net worth is $385 billion.

According to Bloomberg, Ellison, 81, experienced the "biggest one-day increase ever recorded." His company credited the surging demand for Artificial Intelligence infrastructure.

The Oracle co-founder is reportedly close to President Donald Trump.

Musk has twice lost the title of world's richest person after first capturing it in 2021. Tesla recently offered him a pay package that could be worth nearly $1 trillion.