Business News Correspondent
Bosun Ayetiwa
The global wealth rankings shifted dramatically on Wednesday after Larry Ellison, co-founder of Oracle, leapfrogged Elon Musk to become the world’s richest individual.
Ellison’s fortune soared following a record-breaking surge in Oracle’s share price. The stock jumped by more than 40% in early trading, lifting the company’s valuation to nearly $1 trillion. With Ellison holding a 41% stake, his personal wealth skyrocketed by around $100 billion within an hour, bringing his net worth to $393 billion—surpassing Musk’s estimated $384 billion, according to Bloomberg’s Billionaires Index.
The rally marks the largest single-day wealth increase ever recorded on the Bloomberg index, cementing Ellison’s position at the top of the billionaire ladder.
Oracle’s AI Advantage
Much of Oracle’s growth has been powered by the booming demand for artificial intelligence infrastructure. Tech firms, including OpenAI, rely heavily on the company’s cloud services and data centers to run their AI models. As global investment in AI accelerates, Oracle’s position as a provider of high-performance computing capacity has transformed it into one of the fastest-rising giants in the tech sector.
For Ellison, 81, this moment is the culmination of decades spent shaping the enterprise software market. Beyond Oracle, his portfolio includes investments in Tesla, a luxury Hawaiian island, a sailing team, and even ownership of the Indian Wells Open tennis tournament.
Musk Slips, But Remains Close
For Musk, who rose to the top spot in 2021 and has since traded places with rivals like Jeff Bezos and Bernard Arnault, the development marks another twist in the ongoing billionaire shuffle. The Tesla and SpaceX boss, who also owns social media platform X (formerly Twitter), now sits just below Ellison in the rankings.
The two billionaires share a long-standing relationship. Ellison once sat on Tesla’s board, invested $1 billion in Musk’s Twitter takeover, and has been described as both a mentor and close ally. Musk is a frequent visitor to Ellison’s island of Lanai in Hawaii, where they’ve bonded over business and personal ties.
A Rivalry Rooted in Tech’s Future
Ellison’s climb to the top reflects the seismic shift taking place in the technology industry, where artificial intelligence is increasingly becoming the defining battleground. While Musk has his own AI ventures and continues to lead ambitious projects in electric vehicles and space exploration, Ellison’s Oracle has captured investor excitement with its central role in powering AI firms.
Analysts suggest that the competition between Musk and Ellison symbolizes a broader rivalry in tech: hardware and exploration versus cloud and data infrastructure.
With markets evolving at breakneck speed, fortunes at the very top remain volatile. For now, however, the crown of the world’s richest belongs to Larry Ellison—an industry veteran whose decades-long bet on enterprise technology has paid off spectacularly in the age of AI.
