Nvidia's Jensen Huang Surpasses Elon Musk as Top Business Power Player in 2025

Fortune’s 2025 list of the 100 Most Powerful People in Business has revealed a notable shift in the business landscape, with Elon Musk dropping from the top to fourth place compared to the previous year [1]. This shift underscores the volatile nature of influence in the corporate world, where rankings can change significantly based on evolving circumstances and contributions [1]. The new ranking is not purely based on financial metrics such as revenue or market capitalization but rather a multifaceted evaluation of a leader’s impact, innovation, and career trajectory [1].

This year’s top spot was claimed by Nvidia CEO Jensen Huang, who has positioned himself at the forefront of the artificial intelligence revolution by developing high-demand computer chips. His leadership in a rapidly transforming industry has contributed to his rise to the top [1]. Huang’s ascent is also framed within the context of competitive dynamics in key sectors, with rivals such as AMD’s Lisa Su maintaining a strong presence in the rankings [1].

Musk’s fall from the top is attributed to several factors, including the shifting political and business environment. While his leadership across Tesla, SpaceX, and X previously bolstered his influence, this year’s ranking reflects a recalibration of his overall impact [1]. The inclusion of political influence in the assessment of business power also played a role in last year’s high ranking, as Musk had been a key figure in the Trump administration [1].

The Fortune analysis highlights how power in business is not a fixed status but a fluid position that requires continuous innovation and influence [1]. The list reflects the broader economic and technological shifts, with companies and leaders rising and falling based on their ability to adapt and lead in an ever-changing global market [1].

Sources:

[1] The fall of Elon Musk down Fortune’s 100 Most Powerful People in Business list shows how power is impermanent (https://fortune.com/2025/08/05/elon-musk-fortune-100-most-powerful-people-in-business/)