Following Oracle’s astonishingly impressive earnings report on Tuesday evening, Ellison’s fortune skyrocketed by an astounding $101 billion, elevating his wealth to $393 billion, thereby eclipsing Musk’s net worth of $385 billion, as reported by Bloomberg.
Oracle (ORCL) unveiled an unprecedented surge in demand for its data center capabilities from its AI clientele, which catapulted the stock into the celestial realm. By 11 a.m. ET on Wednesday, shares soared to 40% above their previous levels.
CEO Safra Catz revealed on Tuesday, after the stock market’s closure, that Oracle secured four multibillion-dollar contracts within the quarter and anticipates finalizing several more in the imminent months.
This electrifying projection was fueled by Oracle’s ascendance as a principal supplier of infrastructure, catering to the colossal demands for computing power from AI enterprises—a core aspect of Oracle’s identity as a provider of cloud services and database software. In July, Oracle disclosed an agreement to supply 4.5 gigawatts of electricity to OpenAI, the parent company of ChatGPT, to energize its AI software.
Ellison stands as Oracle’s most significant individual shareholder and might reclaim the title of the world’s wealthiest person should the stock continue its remarkable ascent when markets open on Wednesday. This remarkable jump is astonishingly rare for a company boasting a staggering market value of nearly $700 billion—making it the 13th most valuable stock on the market by Tuesday’s close.
Bloomberg notes that Ellison’s surge in wealth represents the “most significant one-day increase ever documented” by the index. The Bloomberg Billionaire Index will refresh after the market closes on Wednesday.
As Oracle solidifies its status as an influential force in AI technology, it has benefitted from the thriving tech boom that has propelled Nvidia to become the globe’s most valuable company, valued at over $4 trillion. Microsoft briefly joined Nvidia above the $4 trillion threshold. The eight most valuable stocks within the S&P 500 are all tech firms with vested interests in shaping the AI-driven future. As the AI revolution accelerates, Oracle’s stock has surged by an impressive 103% this year.
Musk first claimed the prestigious title in 2021, securing it for most of the past few years, largely due to his varied investments in Tesla and SpaceX. Throughout the years, Musk has temporarily surrendered the title twice—initially in 2021 to LVMH CEO Bernard Arnault and subsequently in 2024 to Amazon founder Jeff Bezos.
Nonetheless, Musk has triumphed over his numerous challenges and hurdles. He recently received a compensation package potentially worth close to $1 trillion, contingent upon Tesla achieving specific milestones.
For Ellison, the journey to potentially becoming the world’s richest person traces back to 1977, when he dropped out of college and co-founded Oracle.
The 81-year-old multibillionaire owns 98% of the Hawaiian island of Lana’i and is credited with revitalizing the Indian Wells tennis tournament in California, earning it the affectionate moniker of the “fifth slam.”
Ellison maintains close associations with President Donald Trump, frequently seen alongside him at the White House during various technology events and securing beneficial Oracle contracts. He is also regarded as a potential contender for TikTok, although those ambitions have yet to materialize.
