AI Boom Sparks Billionaire Battle: Larry Ellison Briefly Overtakes Elon Musk for World’s Richest Title

In a dramatic turn of events yesterday, Oracle co-founder Larry Ellison briefly ascended to the pinnacle of global wealth, temporarily unseating Elon Musk as the world’s richest person. The stunning shift, which saw Ellison’s net worth surge past Musk’s for a few hours, was triggered by Oracle Corp.’s blockbuster earnings report, signaling massive investor confidence in its artificial intelligence and cloud infrastructure ventures.

Oracle’s stock price rocketed by more than a third after markets opened, adding an estimated $100 billion to Ellison’s fortune in a mere half-hour. This propelled his wealth to $383.2 billion, narrowly surpassing Musk’s $384.2 billion, before the market’s volatility saw Musk reclaim his top spot by day’s end.

The catalyst for Ellison’s meteoric rise was an announcement of over $300 billion in new deals, including significant contracts with AI titans like OpenAI, Meta, Nvidia, and even Musk’s own xAI. Oracle projects its cloud infrastructure revenue to jump 77% to $18 billion this fiscal year, with an ambitious forecast of $144 billion in four years, cementing its position at the forefront of the AI race.

Conversely, Elon Musk’s primary wealth driver, electric car maker Tesla, has faced headwinds. Its stock has dropped 14% this year amidst declining sales in key markets and ongoing investor skepticism regarding its pivot to robotics and advanced AI. The day’s events underscore the intense competition and rapid wealth shifts driven by the burgeoning artificial intelligence sector.

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