Oracle’s AI and Cloud Boom Briefly Propels Larry Ellison Past Elon Musk as World’s Richest

In a dynamic shift at the top tier of global wealth, Oracle co-founder Larry Ellison briefly surpassed Elon Musk on Wednesday to claim the title of the world’s richest person. Ellison’s net worth surged to an estimated $393 billion, momentarily eclipsing Musk’s $385 billion, following a significant rally in Oracle’s stock.

The dramatic increase in Ellison’s fortune was fueled by Oracle’s strong quarterly earnings report, delivered on Tuesday. The report detailed an unexpectedly robust outlook for its cloud infrastructure business and a wave of new artificial intelligence (AI) deals, causing Oracle shares, a major component of Ellison’s wealth, to soar by over 40%.

Oracle’s CEO, Safra Catz, emphasized a surge in demand for the company’s data centers, particularly from AI enterprises. The firm projects its cloud business revenue to jump 77% this year, reaching $18 billion, with continued growth expected. Oracle also secured four multi-billion-dollar contracts in the last quarter and anticipates more in the near future.

Although Ellison’s tenure at the top was brief, with Oracle’s share price moderating by the end of the day and Musk reclaiming his position, the event highlights the volatile nature of tech wealth and the profound impact of the AI sector’s expansion on market valuations. Musk had held the title for nearly a year, despite recent declines in Tesla shares amid investor jitters.

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