Oracle co-founder Larry Ellison is on the brink of overtaking Elon Musk as the world’s richest person, after a staggering $70 billion jump in his fortune following Oracle’s blockbuster earnings report.
Ellison’s net worth soared to $364 billion, leaving him within striking distance of Musk’s $384 billion, according to the Bloomberg Billionaires Index. The surge followed Oracle’s stock opening 34% higher on Wednesday, driven by booming demand for data center capacity from artificial intelligence firms.
Oracle CEO Safra Catz said the company recently signed four multibillion-dollar contracts and expects more deals in coming months, underscoring its growing role as a key infrastructure provider for AI companies. In July, Oracle struck a deal to supply 4.5 gigawatts of power to OpenAI, the developer of ChatGPT.
Bloomberg noted that Ellison’s one-day gain would mark the largest increase ever recorded on its wealth index. Oracle’s rally has lifted its market value to nearly $700 billion, reflecting a broader AI-driven boom that has already propelled Nvidia and Microsoft to valuations above $4 trillion.
Ellison, 81, who owns 98% of Hawaii’s Lana’i island and is known for his ties to former U.S. President Donald Trump, could soon displace Musk, who has largely held the top spot since 2021 through Tesla and SpaceX. Musk briefly ceded the title to Bernard Arnault in 2021 and Jeff Bezos in 2024.
Despite Musk’s setbacks – including lawsuits and boardroom controversies – he remains in contention thanks to Tesla’s massive pay package that could eventually be worth close to $1 trillion.
Ellison, who co-founded Oracle in 1977 after dropping out of college, now stands at the center of the AI revolution that has reshaped global wealth rankings.
