Highlights:
- Oracle cofounder Larry Ellison’s net worth rose by $89 billion on Wednesday after strong earnings report
- Ellison briefly overtook Elon Musk as the world’s richest person with $383.2 billion
- By market close, Musk regained the top spot with $384.2 billion
- Oracle shares gained 36% in their biggest one-day jump since 1992
- Ellison’s rise marks the largest single-day increase in wealth ever recorded by Bloomberg’s index
Ellison briefly surpasses Musk
On Wednesday, Oracle cofounder Larry Ellison briefly became the world’s richest person, overtaking Elon Musk after a historic surge in Oracle’s stock price.
According to Bloomberg, Ellison’s wealth climbed by $89 billion to $383.2 billion following Oracle’s quarterly earnings report. For several hours, this put him ahead of Musk.
By the end of trading, Musk’s net worth stood at $384.2 billion, about $1 billion more than Ellison’s, placing him back on top.
Oracle stock surge
Oracle reported strong earnings on Tuesday evening, highlighting four multibillion-dollar contracts and rising demand for its data center capacity from AI companies.
The company’s shares rose as much as 43% before closing 36% higher, their largest single-day gain since 1992. The surge added $244 billion in market value, lifting Oracle’s valuation to about $922 billion and moving it into the top 10 most valuable companies in the S&P 500.
Ellison, Oracle’s largest individual shareholder, saw his wealth jump as much as $101 billion during the day before settling at a gain of $89 billion.
Oracle’s role in AI
Oracle’s rise reflects its growing role as a key supplier of cloud infrastructure powering artificial intelligence. The company recently announced a deal to provide OpenAI with 4.5 gigawatts of electricity to run its AI software.
Analysts at Bank of America and Citi upgraded Oracle’s stock to “buy” on Wednesday, citing its expanding AI business. Oracle’s shares have risen 97% this year.
Musk’s wealth history
Elon Musk first became the world’s richest person in 2021 and has largely retained the title, though he has briefly been surpassed by LVMH CEO Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024.
Despite Tesla shares being down about 14% this year, Musk’s wealth is supported by his stakes in Tesla and SpaceX. His Tesla compensation package could eventually be worth close to $1 trillion if the company meets certain milestones.
Ellison’s background
Ellison, 81, co-founded Oracle in 1977 and has maintained a large ownership stake. Beyond business, he owns 98% of the Hawaiian island of Lana’i and is credited with revitalizing the Indian Wells tennis tournament in California.
He has close ties to former President Donald Trump and has previously been linked to potential acquisitions such as TikTok, although those plans have not materialized.
