The world’s richest person race got extra dramatic on Wednesday when Oracle co-founder Larry Ellison briefly overtook Elon Musk—only for Musk to reclaim the top spot by the end of the day.
Here’s what happened:
When U.S. markets opened, Oracle’s stock skyrocketed more than 36%, fueled by a blockbuster earnings report tied to major artificial intelligence (AI) contracts with OpenAI, Meta, Nvidia, and Musk’s own xAI. That sudden surge pushed Ellison’s net worth to $383.2 billion, just enough to edge past Musk.
But the lead didn’t last long. By market close, Oracle stock gave back some gains, putting Musk back on top with a $384.2 billion fortune. The margin? Just $1 billion—a tiny gap when you’re dealing with numbers this massive.
Why Ellison Surged
Ellison owns about 40% of Oracle, so the stock’s rally instantly added around $100 billion to his wealth in less than an hour. Investors are betting big on Oracle’s cloud services as AI adoption explodes. The company expects cloud revenue to grow 77% this year to $18 billion, and possibly hit $144 billion within four years.
Ellison summed it up simply on the earnings call: “AI changes everything.” He sees Oracle playing a role not just in powering chatbots, but also in running robots, designing new drugs, managing financial trades, and even automating legal and sales work.
Musk’s Struggles
Musk, meanwhile, has been facing headwinds with Tesla. The company’s stock has dropped 14% so far this year, and sales in Europe have plunged for seven straight months—down 40% earlier this summer. Analysts say Musk’s political statements, including support for Donald Trump in the U.S. and right-wing politicians in Europe, have alienated some customers.
He’s trying to shift the focus toward Tesla’s AI-powered robots and self-driving technology, but investors remain cautious. Despite the challenges, Musk still holds the crown—for now.
The Bigger Picture
The Musk–Ellison wealth flip is more than just billionaire bragging rights. It highlights how AI is rewriting the global economy, rewarding companies that provide the infrastructure to power this technology.
At the end of Wednesday’s trading:
- Oracle closed at $328.33, up 36%.
- Tesla closed at $347.79, up less than 1%.
For now, Musk remains the world’s richest person—but with AI fueling Oracle’s rise, Ellison is closer than ever.
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