*On Wednesday, Oracle co-founder Larry Ellison, 81, momentarily claimed the title of the world’s richest person, propelled by a dramatic 43% surge in Oracle’s stock.
According to NBC News, his fortune soared by nearly $90 billion, reaching $383 billion by the close of trading at 4 p.m. ET, according to Bloomberg’s billionaires index. This placed him just below Tesla CEO Elon Musk, whose wealth stood at $384 billion.
The spike in Ellison’s wealth was driven by Oracle’s aggressive push into artificial intelligence and cloud computing. The company announced a staggering backlog of $450 billion or more for cloud services, bolstered by multibillion-dollar contracts with AI giants Nvidia and OpenAI.
“Over the next few months, we expect to sign-up several additional multi-billion-dollar customers,” Oracle said, projecting its backlog could soon “exceed half-a-trillion dollars.”
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Ellison’s influence extends beyond technology. His son, David, recently finalized an $8 billion acquisition of Paramount Global, the parent company of CBS and MTV, which was partially funded by $6 billion from the Ellison family’s fortune. Additionally, Larry Ellison joined Softbank’s Masayoshi Son and OpenAI’s Sam Altman at the White House to announce a $500 billion datacenter network utilizing Oracle technology.
Trailing Ellison and Musk on the billionaires index are Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos, and Google co-founders Larry Page and Sergey Brin.
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