Due to a significant rise in Oracle's stock, Larry Ellison has become the world's richest person, surpassing Elon Musk.
Oracle's Record Stock Surge
Ellison's net worth surged by an estimated $101 billion after Oracle's shares soared nearly 40% following an extraordinary earnings report. The company announced it had signed several multibillion-dollar cloud contracts, capitalizing on the explosive demand for artificial intelligence infrastructure.
Competition with Elon Musk
Elon Musk's wealth, largely tied to Tesla, has faced headwinds as the electric vehicle company’s stock has declined this year. This combination of Oracle's meteoric rise and Tesla's challenges resulted in Musk being overtaken for the first time in nearly a year.
Ellison's Age and Achievements
The 81-year-old Ellison, a college dropout who founded Oracle in 1977, now becomes the oldest person ever to hold the top spot. His dramatic ascent underscores the massive financial wave created by the AI revolution, reshaping the fortunes of tech titans and the industry landscape overnight.
These events demonstrate how rapidly the landscape of global wealth is changing in response to the swift advancement of technologies, particularly in artificial intelligence.
