In a remarkable turn of events on Wednesday, US tech billionaire Larry Ellison overtook Elon Musk to become the world’s richest person. The shift happened after Oracle, the software company Ellison co-founded, reported stronger-than-expected financial results, sending its shares soaring in early trading.

The jump in Oracle stock was historic. Shares rose more than 40% to $340 each, marking the largest single-day increase in the company’s history. According to Bloomberg’s billionaires index, this surge pushed Ellison’s stake in Oracle, which stands at 41%, to a staggering $393 billion — just ahead of Musk’s fortune of $384 billion.

Story Highlights:

• Larry Ellison now the world’s richest person, surpassing Elon Musk.

• Oracle shares surge over 40% in early trading, valued at $958bn.

• Ellison’s stake in Oracle alone worth $393bn.

• Surge fueled by AI demand and cloud computing services.

• Ellison also invests in Tesla, a Hawaiian island, sailing, and tennis tournaments.

Ellison’s wealth is closely tied to Oracle, and the company has been benefiting from growing demand for cloud services from artificial intelligence firms. Companies like OpenAI, the developer of ChatGPT, rely on Oracle’s high-capacity data centers to power AI technologies.

“Oracle’s cloud services are now more crucial than ever,” said a market analyst. “The AI boom is driving companies to invest heavily in infrastructure, and Oracle is positioned perfectly to take advantage of that trend.”

Beyond Oracle, Ellison has a diverse portfolio. He owns a stake in Tesla, the electric carmaker led by Musk, a private island in Hawaii, a professional sailing team, and the Indian Wells Open tennis tournament. His connection with Musk goes beyond business. Ellison served on Tesla’s board between 2018 and 2022 and even invested $1 billion in Musk’s acquisition of Twitter, now rebranded as X.

According to Walter Isaacson’s biography of Musk, when Musk asked Ellison to invest in Twitter, Ellison said he would contribute “a billion dollars or whatever you recommend.” Musk is also known to frequently visit Ellison’s Hawaiian island, Lanai, reflecting a personal friendship alongside their business ties.

Ellison, aged 81, is also active in politics. He has appeared alongside former US President Donald Trump at several White House events, including the launch of the Stargate project, which aims to invest $500 billion in artificial intelligence infrastructure in the US. Musk, a backer of Trump’s 2024 campaign, previously shared a strong relationship with the former president before it soured earlier this year.

Musk, who first became the world’s richest person in 2021, has experienced a rollercoaster of wealth rankings, ceding the title to Jeff Bezos and Bernard Arnault before regaining it last year. Now, just over 300 days later, Larry Ellison richest person status marks another twist in the high-stakes world of tech billionaires.

This historic moment underscores the increasing influence of cloud computing and AI-driven technology in shaping global wealth. With Oracle’s dominance in enterprise software and cloud infrastructure, Ellison’s position as the richest person in the world may be more than just a milestone — it may signal the growing importance of tech investments beyond electric vehicles and social media ventures.

With Oracle’s historic stock surge and growing AI demand, Larry Ellison richest person now stands above Elon Musk, marking a significant shift in the tech billionaire landscape. As cloud computing and AI continue to reshape global wealth, Ellison’s rise highlights how strategic investments and tech innovation are redefining who sits at the top.

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