In a surprising twist, Oracle co-founder Larry Ellison briefly overtook Elon Musk to become the world’s richest person, ending the Tesla and SpaceX chief’s nearly year-long reign at the top. However, Musk made his way back to the top quickly and regained his position as the world’s richest person.
As of 10:10 a.m. in New York, Ellison’s fortune surged after Oracle Corp. announced strong quarterly results. His wealth jumped to $393 billion, just ahead of Musk’s $385 billion, according to the Bloomberg Billionaires Index. It was the largest one-day wealth gain ever recorded on the index.
Musk first claimed the title of the world’s richest man in 2021. He later lost it to Amazon’s Jeff Bezos and Bernard Arnault of LVMH, only to regain it last year. Since then, Musk had held the spot for more than 300 days before Ellison’s sudden rise.
Ellison’s Wealth Jumps After Oracle’s Stocks Record Breaking Surge
Most of 81-year-old Ellison’s fortune is tied to Oracle, the software giant he co-founded. He still serves as chairman and chief technology officer. Oracle’s stock has soared this year, gaining 45% before Tuesday’s close and then rocketing another 41% on Wednesday, its biggest single-day rise in history.
Ellison’s net worth has been climbing steadily. In July, he moved ahead of Bezos and Meta CEO Mark Zuckerberg to become the world’s second-richest person, with a fortune of around $276 billion at that time.
Meanwhile, Tesla’s stock has dropped about 13% so far this year, putting pressure on Musk’s wealth. Still, if Musk meets certain company goals, Tesla’s board has proposed a massive compensation package that could make him the world’s first trillionaire.
Oracle has been investing billions to grow in cloud computing, a market dominated by Amazon. The company provides storage and computing power online and has benefited from the surge in demand from artificial intelligence companies.
Ellison Holds Stake in Elon Musk’s Tesla
Earlier this month, Oracle’s stock reached an all-time high. The rise followed news that the company had agreed to supply OpenAI, the maker of ChatGPT, with 4.5 gigawatts of data center capacity.
Ellison also owns a stake in Tesla and maintains close ties with U.S. President Donald Trump. He has long supported the Republican Party and contributed to Trump’s campaigns.
Born in New York to a single mother, Ellison was raised by relatives in Chicago. He studied science and pre-med at the University of Illinois but dropped out before final exams after his adoptive mother’s death. He later enrolled at the University of Chicago, where he discovered programming, but left after just one semester.
Currently, Forbes’ real-time rankings place Musk ahead with an estimated $439.4 billion fortune, while Ellison’s wealth stands at about $401.1 billion.
Also Read: What Is Tesla’s Pay Package Controversy That Could Make Elon Musk The World’s First Trillionaire?
