WEB DESK: In a surprising turn of events, Larry Ellison, the co-founder of Oracle and a prominent supporter of U.S. President Donald Trump, temporarily surpassed Elon Musk to become the wealthiest individual globally.
As of Wednesday morning, Ellison’s net worth soared to approximately $393 billion (£290 billion), overtaking Musk’s estimated $385 billion (£284 billion), according to the Bloomberg Billionaires Index. This surge was driven by a remarkable 40% jump in Oracle’s share price, fueled by optimistic forecasts for its cloud infrastructure and artificial intelligence (AI) divisions.
Oracle’s stock rally was largely attributed to strong demand for its data center services, especially from AI-focused companies. The company projected a 77% increase in cloud revenue this year, reaching $18 billion, with expectations for continued growth. In the last quarter alone, Oracle secured four multi-billion dollar contracts and anticipates signing additional deals in upcoming months, as stated by CEO Safra Catz.
However, by day’s end, Oracle’s share gains diminished, allowing Elon Musk to reclaim his position atop the billionaire rankings. Musk has maintained the title of the world’s richest person for nearly a year, though recent fluctuations in Tesla’s stock—affected by political uncertainties and investor concerns over regulatory changes—have impacted his net worth.
Despite the brief change in rankings, Musk’s future remains ambitious; his board has proposed a plan that could see his wealth reach £740 billion if certain targets are achieved within the next decade. Yet, Tesla’s recent struggles have cast some doubt on this outlook.
Ellison, now 81, founded Oracle in 1977 and became a household name in the 1990s, not only for his business achievements but also for his extravagant lifestyle. He stepped down as CEO in 2014 but continues to serve as chairman and CTO. His political connections, notably his support for Trump, have kept him in the spotlight.
Recently, Ellison has positioned himself as a key player in U.S. AI infrastructure initiatives. Alongside figures like DeepAI’s Sam Altman and SoftBank’s Masayoshi Son, he announced the Stargate project an effort to bolster domestic AI development.
Oracle’s strategic moves extend into potential acquisitions, with speculation that the company might be interested in purchasing TikTok, the popular Chinese app currently facing a possible ban in the U.S. unless ByteDance, its parent company, divests. Trump’s administration has expressed openness to Ellison acquiring TikTok, with former President Trump himself suggesting that he’d prefer Larry to take over the platform.
Beyond TikTok, Ellison has also invested heavily in media projects. He financed most of an $8 billion bid by his son to acquire Paramount, owner of CBS and MTV. The transaction, involving Paramount and Skydance Media—controlled by Ellison’s son David—was finalized last month.
While the billionaire’s brief stint at the top was short-lived, it underscores the shifting dynamics in global wealth and the rising influence of technology and AI companies.
