Elon Musk lost the world’s richest person tag momentarily to Larry Ellison but soon regained it.
Ellison’s wealth skyrocketed after Oracle’s highest-ever earnings report and massive demand for its AI-powered cloud offerings.
Oracle shares surged more than 36% in a day, boosting its market capitalization by nearly $244 billion.
Ellison’s wealth increased by $89 billion, momentarily pushing him ahead of Musk on the billionaire list.
At market close, Musk’s net value was $384.2 billion, only $1 billion greater than Ellison’s.
Oracle’s AI cloud business won a number of multibillion-dollar deals to cement its position as a backbone for artificial intelligence companies.
It also agreed to provide enormous electricity resources to fuel AI tools such as ChatGPT.
Oracle’s $455 billion AI service backlog was described by analysts as a staggering milestone in the technology sector.
Ellison temporarily became the wealthiest person because of unprecedented stock increases not seen in firms this large.
Oracle’s value soared to $922 billion, ranking it as the 10th most valuable firm in the S&P 500.
Ellison’s one-day increase of $101 billion is the largest single-day increase in wealth ever documented.
As AI technology explodes, Oracle shares have already increased 97% this year.
Meanwhile, Tesla shares have dropped around 14% in 2025, slightly affecting Musk’s overall wealth.
Musk first became the richest person in 2021 and has defended the title against rivals multiple times.
Larry Ellison co-founded Oracle in 1977 and still holds the largest individual stake in the company.
At 81, Ellison owns most of Hawaii’s Lana’i island and remains an influential figure in technology.