For a few dramatic hours, Oracle cofounder Larry Ellison overtook Elon Musk as the world’s richest person. A record-breaking surge in Oracle’s stock, fueled by soaring AI-driven demand, briefly pushed Ellison’s wealth above Musk’s. However, by the close of trading, Musk had regained his spot at the top.
Oracle’s Unprecedented Stock Rally
Oracle’s quarterly results stunned markets. Demand for its cloud infrastructure and data center capacity, driven largely by AI customers, caused shares to skyrocket. At one point, the stock gained as much as 43% before closing with a 36% increase. This marked Oracle’s biggest single-day gain since the early 1990s.
As Oracle’s largest shareholder, Ellison’s fortune surged by $89 billion to $383.2 billion. For a short while, this placed him ahead of Musk, whose net worth hovered near $383 billion. However, by the end of the day, Musk edged back on top with $384.2 billion, reclaiming his long-held crown.
AI Boom Drives Oracle’s Meteoric Rise
Oracle executives highlighted several new multibillion-dollar contracts signed during the quarter. The company also announced upcoming deals, emphasizing its vital role in powering AI companies’ enormous computing needs.
Earlier this year, Oracle revealed a deal to supply OpenAI with 4.5 gigawatts of electricity to support its growing AI operations. Analysts described Oracle’s $455 billion backlog of AI service demand as “staggering,” underlining the scale of its future growth.
Oracle’s market value jumped by $244 billion in a single day, pushing its total worth to about $922 billion. The company leaped from the 13th-most valuable to the 10th-most valuable in the S&P 500 index, surpassing industry giants including Walmart, JPMorgan, and Eli Lilly.
Ellison’s Record-Breaking Wealth Surge
Ellison’s one-day wealth gain is the largest ever recorded in financial history. At its peak, his fortune rose by $101 billion before settling at an $89 billion increase. The surge reflects not only Oracle’s extraordinary rally but also the momentum of the broader AI revolution reshaping global markets.
The billionaire’s journey began in 1977 when he co-founded Oracle after dropping out of college. Now 81, Ellison owns 98% of Hawaii’s Lana’i island and has invested heavily in sports, including reviving the Indian Wells tennis tournament. His close ties with political leaders and bold technology investments have kept him a key figure in the business world.
Musk Holds On Despite Tesla Challenges
Although Musk reclaimed the top spot, Tesla’s stock performance has weighed on his wealth. Shares of Tesla have fallen nearly 14% this year. In contrast, rivals like Nvidia and Microsoft have surged due to their leadership in AI.
Musk first claimed the richest person title in 2021 and has largely held it, despite briefly losing it to Bernard Arnault in 2021 and Jeff Bezos in 2024. His vast fortune is tied to Tesla, SpaceX, and other ventures. He also secured a controversial pay package at Tesla, which could eventually be worth close to $1 trillion if certain milestones are met.
What This Rivalry Signals for Tech and Wealth
The brief reshuffling of the billionaire rankings highlights the transformative power of AI on global markets. Companies that dominate AI infrastructure, such as Oracle and Microsoft, are reshaping wealth and influence at an unprecedented scale.
Ellison’s rise demonstrates how quickly fortunes can change when innovation meets investor enthusiasm. Yet Musk’s ability to reclaim his position shows the continued weight of Tesla and SpaceX in global markets.
Both billionaires remain central figures in technology’s future, but the race for wealth and innovation is intensifying. The AI boom is rewriting the rules of business success, and for now, Musk and Ellison stand at its very peak.
