New York, September 11(HS): Larry Ellison, co-founder and chairman of Oracle, briefly surpassed Elon Musk to become the world's richest individual as Oracle's shares soared over 40% following an upbeat earnings report. Ellison’s net worth jumped to approximately $393 billion, eclipsing Musk's $385 billion as per the Bloomberg Billionaires Index. The surge was driven largely by Oracle’s optimistic forecast for its cloud infrastructure and artificial intelligence (AI) contracts, which are projected to push revenue growth beyond $18 billion this year.
Ellison, 81, who has held executive roles at Oracle for decades, has expanded his influence beyond technology, backing AI infrastructure initiatives and pursuing significant media acquisitions, including an $8 billion deal led by his son to acquire Paramount Global. The stock rally marks Oracle’s best single-day gain since 1992. Despite Ellison’s brief ascent, Musk reclaimed the top spot after some Oracle shares lost gains later in the day.
Musk, who had maintained the title for nearly a year, faces challenges amid declining Tesla shares due to shifts in government policies and market reactions to Musk’s political involvements. The battle for the richest person spot underscores the market’s pivot towards AI infrastructure as a key growth driver in tech wealth.
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Hindusthan Samachar / Jun Sarkar
