Oracle’s Larry Ellison topples Elon Musk to become the richest man in the world for the first time

The surge came after Oracle Corp. reported quarterly results that beat expectations, sending its shares up 41 per cent in a single day. The stock’s jump is rare for a company that has a massive market value of just under $700 billion.

Oracle’s shares, already gained 45 per cent this year through Tuesday’s close and 41 per cent on Wednesday after the company posted a major increase in bookings. Most of Ellison’s fortune is tied to the company, where he now serves as chairman and chief technology officer.

However, Tesla shares have been down 13 per cent this year. Musk became the world’s richest person for the first time in 2021 before losing the title to Amazon’s Jeff Bezos and LVMH’s Bernard Arnault. He reclaimed it last year and had held it for just over 300 days.

In July, Oracle announced a deal to supply OpenAI, the parent company of ChatGPT, with 4.5 gigawatts of electricity to power its AI operations. CEO Safra Catz also revealed that Oracle signed four multibillion-dollar contracts during the quarter.

Over the years, Oracle has established itself as a key player in the technology sector. The surge mirrors the rise of other tech giants like Nvidia, which has become the world’s most valuable company with a market capitalisation above $4 trillion, while Microsoft briefly crossed the same milestone.

The eight most valuable stocks in the S&P 500 are now all tech firms with a stake in building the AI-powered future. Oracle’s stock has climbed 103 per cent so far this year.

Ellison’s ascent to becoming the world’s richest person began in 1977, when he dropped out of college and co-founded Oracle. Now, he owns 98 per cent of the Hawaiian island of Lana’i and is credited with revitalising the Indian Wells tennis tournament in California.

Ellison also maintains close ties with U.S. President Donald Trump, frequently appearing with him at White House technology events.

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