The tech world witnessed a major shift as Oracle co-founder Larry Ellison briefly surpassed Elon Musk to become the world’s richest person. This dramatic change in the billionaire rankings was triggered by a historic surge in Oracle’s stock, fueled by the company’s aggressive move into the burgeoning field of artificial intelligence (AI) computing.
Ellison’s wealth surged to $393 billion on Wednesday morning, surpassing Musk’s $385 billion, according to the Bloomberg Billionaires Index.
Ellison’s net worth, which is overwhelmingly tied to his ownership stake in Oracle, skyrocketed by over $100 billion in a single day. The unprecedented gain came after Oracle’s latest earnings report revealed a massive increase in demand for its cloud infrastructure services. The company announced a series of multi-billion dollar contracts with major AI players like OpenAI and projected that its cloud revenue could exceed half a trillion dollars, cementing its position as a key provider of the “picks and shovels” for the AI gold rush.
Interestingly, Ellison and Musk have a financial connection, with Ellison owning a significant stake in Tesla and having served on its board. This adds another layer to their ongoing rivalry. While Musk’s companies, including Tesla and SpaceX, continue to push the boundaries of innovation, Oracle’s resurgence under Ellison’s leadership demonstrates the enduring power of foundational technology and its critical role in the new era of AI.
