Larry Ellison, the billionaire cofounder of Oracle Corporation, has overtaken Elon Musk to become the world’s wealthiest individual after a historic stock market surge. Oracle’s latest earnings report revealed surging demand for artificial intelligence (AI) infrastructure, pushing Ellison’s wealth to $393 billion and dethroning Musk, whose fortune stands at $385 billion.
Bloomberg’s Billionaires Index described Ellison’s $101 billion single-day gain as the largest wealth increase ever recorded in the history of financial tracking. Oracle shares soared more than 40 percent on Wednesday, following the announcement that the company had secured four major multi-billion-dollar contracts, with additional deals in progress.
Ellison, who has been central to Oracle’s global growth since founding it in 1977, remains its largest shareholder. His personal fortune soared in alignment with Oracle’s strengthened role in powering the backbone of AI companies’ colossal computing needs.
Oracle’s Chief Executive Officer, Safra Catz, emphasized the company’s strategic pivot to meet AI demand. The company’s major deal with OpenAI, ChatGPT’s parent company, involves delivering 4.5 gigawatts of electricity to sustain its AI software.
The billionaire, who owns nearly the entirety of the Hawaiian island of Lana’i, has not only expanded Oracle’s reach but has also been recognized for investing in cultural and sporting ventures, including the Indian Wells tennis tournament.
Elon Musk, who has historically maintained the top billionaire spot due to his stakes in Tesla and SpaceX, has now been pushed into second place. Although Musk previously lost his ranking to Bernard Arnault and Jeff Bezos, his massive Tesla pay package leaves the possibility open for him to become the world’s first trillionaire in the future.
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