Larry Ellison, Oracle co-founder and Trump ally, briefly became the world’s richest person as Oracle shares surged (Image Caption: AP)
Oracle co-founder and self-styled ally of former President Donald Trump, Larry Ellison, briefly edged out Elon Musk as the world's richest individual on Wednesday. The fortune of Ellison was listed by Bloomberg's Billionaires Index at $393 billion, a bit higher than Musk's $385 billion. Ellison's success was fuelled by a spectacular increase in Oracle's stock, propelled by the strong cloud infrastructure demand and fresh artificial intelligence (AI) contracts.
But gains were partially undone at the close of trading, sending Musk back to the top. Musk had occupied the title of richest person in the world for almost a year before this temporary displacement.
Oracle's shares jumped over 40% in a day, led for the most part by its sizzling cloud business. The company predicted a 77% increase in cloud revenue this year to $18 billion, with growth expected to continue. Oracle CEO Safra Catz cited the company's multibillion-dollar agreements with AI firms as the main reason for the stock explosion, noting four big contracts the company signed last quarter and more expected in the near future.
The infrastructure business of the company has received worldwide attention, making Oracle a central figure when it comes to AI and cloud computing. Analysts point out that the need for strong data centers and AI-capable platforms has fuelled investor optimism and helped Ellison temporarily top global wealth lists.
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Ellison, aged 81, is not only a tech tycoon but also a well-known media investor and politician. He invested in ventures such as Stargate, which was unveiled with Sam Altman and SoftBank's Masayoshi Son, to create AI infrastructure in the US. He has also been named a possible purchaser of TikTok in the US, a transaction connected to national security interests and ByteDance ownership.
Outside of tech, Ellison's media aspirations are seen through his family's acquisition of Paramount and other associated media pursuits. His celebrity lifestyle and positioning in politics and technology alike continue to define his public image, further solidifying his influence outside of Oracle.
Meanwhile, Musk faces challenges with Tesla, as investor concerns over EV policy rollbacks and political controversies have affected stock performance. Although he could potentially receive a pay package exceeding $1 trillion over the next decade if Tesla meets ambitious targets, market volatility has kept the race for the world’s richest person highly competitive.
