New York — Elon Musk briefly lost his crown as the world’s richest person on Wednesday, overtaken by Oracle cofounder Larry Ellison, before regaining the title by market close.
Ellison’s net worth soared by $89 billion to $383.2 billion after Oracle reported blockbuster earnings, driven by booming demand for AI-powered cloud services. Shares jumped 36% in their biggest single-day rise since 1992, briefly pushing Ellison ahead of Musk in wealth rankings.
By the end of trading, however, Musk’s fortune was valued at $384.2 billion — about $1 billion more than Ellison’s — according to Bloomberg’s Billionaires Index.
Oracle’s AI Boom
Oracle’s surge comes from its deepening role as a backbone provider for artificial intelligence. CEO Safra Catz confirmed that the company signed four multibillion-dollar contracts last quarter, with more expected soon.
In July, Oracle struck a major deal with OpenAI to supply 4.5 gigawatts of electricity for its systems. Analysts called the company’s $455 billion backlog of AI services “staggering,” noting the results marked one of the most significant earnings announcements in years.
The rally added $244 billion to Oracle’s market value in a single day, propelling it into the top 10 most valuable companies in the S&P 500, ahead of Walmart, Eli Lilly, and JPMorgan Chase.
Wealth Rankings in Flux
Ellison’s $89 billion wealth gain set a record for the largest one-day increase ever logged. Still, Musk retained his top position, despite Tesla shares sliding about 14% this year.
Musk has held the world’s richest person title since 2021, losing it only briefly to Bernard Arnault in 2021 and Jeff Bezos in 2024. His stakes in Tesla and SpaceX — along with a new pay package that could approach $1 trillion — continue to secure his place at the top.
Ellison’s Rise
Ellison, 81, cofounded Oracle in 1977 and remains its largest shareholder. Beyond technology, he owns 98% of the Hawaiian island of Lana’i and revitalized the Indian Wells tennis tournament, often called the sport’s “fifth slam.”
He also maintains close ties with U.S. President Donald Trump, regularly appearing at White House technology events and securing government contracts.
With Oracle and Microsoft now viewed as AI infrastructure giants rather than just software firms, analysts say the race for the world’s richest person could remain highly volatile in the AI era.
