Larry Ellison, cofounder of Oracle Corporation, has officially surpassed Tesla and SpaceX founder Elon Musk to claim the position of the world’s richest person. His staggering wealth increase followed Oracle’s extraordinary earnings report, which stunned Wall Street investors on Tuesday.
According to Bloomberg Billionaires Index, Ellison’s fortune soared by an unprecedented $101 billion in just a single day, lifting his net worth to $393 billion. This surge pushed him ahead of Elon Musk, whose current wealth is valued at $385 billion. The leap marks the largest one-day increase ever recorded by the index.
Oracle Corporation (NYSE: ORCL) shares skyrocketed 40 percent by Wednesday morning, fueled by soaring demand for artificial intelligence (AI)-driven cloud computing capacity. Chief Executive Officer Safra Catz confirmed the signing of four multi-billion-dollar contracts during the latest quarter, adding that additional agreements are expected in the near future.
Ellison, Oracle’s largest shareholder, greatly benefited from this growth as the company cements its position as a key provider of cloud infrastructure powering AI technologies. The company recently signed a landmark deal to supply OpenAI, the parent company of ChatGPT, with 4.5 gigawatts of electricity to sustain its computing needs.
okay.ng reports that Oracle’s remarkable performance not only underscores the AI-driven boom but also positions Ellison as a central figure in the future of technology innovation. At 81 years old, Ellison remains one of Silicon Valley’s most influential figures. Beyond business, he owns 98 percent of the Hawaiian island of Lana’i and has revitalized the Indian Wells tennis tournament.
Elon Musk, who first claimed the title of world’s richest in 2021, has lost it several times over the years to other magnates such as Bernard Arnault of LVMH and Jeff Bezos of Amazon. Despite challenges, Musk continues to lead groundbreaking companies, and his Tesla compensation package could eventually propel him toward becoming the world’s first trillionaire.
