Ellison "challenges" Musk - Temporarily becomes the richest person in the world after Oracle's 43% increase
Larry Ellison, co-founder of tech giant Oracle, temporarily became the richest person in the world after the company's shares rose by as much as 43%.
At the end of the trading day, Ellison's fortune increased by nearly $90 billion, reaching $383 billion, just below that of Elon Musk, who currently holds the top spot with $384 billion, according to the Bloomberg Billionaires Index.
Following Ellison and Musk are Mark Zuckerberg (CEO of Meta), Jeff Bezos (head of Amazon), and Google co-founders Larry Page and Sergey Brin.
Ellison's rapid rise in wealth is tied to Oracle's foray into artificial intelligence, media and politics. The company's stock surge came after it announced more than $450 billion in cloud services and computing contracts with artificial intelligence giants like Nvidia and OpenAI.
Oracle announced that in the coming months it is expected to sign additional contracts with other customers worth billions of dollars and that the total value of orders could soon exceed $500 billion.
The Ellison family has also expanded its empire with the recent $8 billion acquisition of Paramount Global, led by his son, David Ellison. The deal was partly financed by the family fortune, with a $6 billion contribution.
Larry Ellison, a prominent supporter of Donald Trump, recently visited the White House where he announced a giant data center project in collaboration with OpenAI CEO Sam Altman and Softbank CEO Masayoshi Son. The project involves building a $500 billion network of data centers, where Oracle technology will play a central role.
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