Elon Musk has lost his ‘richest person in the world’ crown to the co-founder of Oracle, according to updated reports by Bloomberg.

The 54-year-old has had a busy year: temporarily heading up the Department of Government Efficiency (DOGE), endorsing boxer Conor McGregor to become President of Ireland, and seeing Tesla stocks plummet on numerous occasions.

Now, Musk adds being knocked off the top of the World’s Richest list to his roster. Larry Ellison, the co-founder and chief technology officer of Oracle, has taken his place, as per reports.

The American businessman and entrepreneur, 81, allegedly jumped $101 billion after his company announced quarterly results had surpassed previous expectations.

Oracle claimed the boosted numbers came from AI customers and a ‘surging demand’ for the 1977-founded company’s data center.

As of Wednesday 11am ET, shares are 40 percent higher, as per CNN Business.

The increase has therefore lifted Ellison’s wealth by a stunning $393 billion. He has surpassed Musk’s $384 billion bank account, according to the Bloomberg Billionaires Index.

The agency notes Ellison’s leap in wealth is the ‘biggest one-day increase ever recorded’ by the index.

This isn’t the first time that Musk has been bested for the title. After capturing the title of wealthiest person in the world for the first time in 2021, he has relinquished it to both LVMH CEO Bernard Arnault and Amazon founder Jeff Bezos over the years.

Once the Bloomberg Index updates, Musk will be officially dethroned and will sit behind Ellison.

He will precede Facebook founder Mark Zuckerberg, Bezos, and former Google CEO Larry Page, who will occupy third, fourth, and fifth place on the Bloomberg index, respectively.

Ellison’s takeover comes just days after Tesla announced it’d be willing to hand Musk $1 trillion in compensation if he is able to grow the company’s market value from $1.1 trillion to $8.5 trillion (A$12.9 trillion) over the next decade.

Elon Musk has been dethroned as the world’s wealthiest person (Getty Images/Anna Moneymaker)

If the Tesla CEO hits 12 operational targets in the next ten years, he could become the world’s first trillionaire.

As per news.com.au, these milestones include rolling out robotaxis and robots, as well as raising profits as measured by adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA).

Moreover, Musk’s success would see his stake in the company climb from nearly 16 percent to more than 25 per cent, the outlet reported.

Unfortunately, the SpaceX founder will not be able to cash in his grand prize if he does not meet the outlined targets. He’ll also lose the paypacket if he stops serving Tesla in an ‘approved role’.