Larry Ellison is closing in on Elon Musk for the title of world’s richest person, after a huge Oracle stock jump tied to AI demand.
Oracle’s AI surge lifts Ellison’s fortune
Oracle reported strong earnings and rising demand for data center capacity from AI customers. The stock is rocketing 33% higher in premarket trading Wednesday.
Ellison’s wealth jumped $70 billion to $364 billion after the report, according to the Bloomberg Billionaires Index. Musk’s net worth stands at $384 billion.
CEO Safra Catz said Oracle signed four multibillion-dollar contracts during the quarter. She expects to sign several more in the coming months.
Oracle has become a key provider of infrastructure for AI companies that need huge computing power. It is a cloud services and database software provider.
OpenAI power deal and rare stock move
In July, Oracle announced a deal to provide OpenAI with 4.5 gigawatts of electricity to power its AI software. The stock’s leap is rare for a company with a market value just under $700 billion at Tuesday’s close.
Bloomberg notes Ellison’s rise would be the biggest one-day increase ever recorded by its index. The index will update after the market closes Wednesday.
Musk’s track record and tech market context
Musk first took the top spot in 2021. He has held it for most of the past few years, thanks in part to Tesla and SpaceX.
He briefly lost it to LVMH CEO Bernard Arnault in 2021 and to Amazon founder Jeff Bezos in 2024. Musk also received a new pay package that could be worth close to $1 trillion once Tesla hits certain milestones.
Oracle’s rise ties to the broader AI boom. Nvidia is the world’s most valuable company, with a valuation north of $4 trillion. Microsoft briefly joined Nvidia above the $4 trillion mark.
The eight most-valuable stocks in the S&P 500 are all tech stocks with a role in building the AI-powered future. Oracle’s stock has risen 45% this year.
Ellison co-founded Oracle in 1977 and is its largest individual shareholder. He owns 98% of the Hawaiian island of Lana’i and helped revive the Indian Wells tennis tournament.
According to CNN, Ellison also has close ties with US President Donald Trump and has appeared at White House technology events.
