Tesla CEO Elon Musk briefly lost his position as the world’s richest man to Larry Ellison, co-founder of Oracle, creating a stir in global business circles.

Oracle’s Stunning Surge

Oracle’s stock skyrocketed following its impressive quarterly results, announced late Tuesday. When trading opened on Wednesday, shares surged by nearly 40%, instantly boosting Ellison’s fortune by a staggering $101 billion in just one night.

With this jump, Ellison’s net worth climbed to $393 billion, surpassing Musk’s wealth of $385 billion.

Musk Bounces Back

However, market volatility quickly reshuffled the rankings. By the day’s end, Bloomberg reported Musk’s fortune at $384.2 billion, narrowly edging past Ellison, who stood at $383.2 billion. The gap between the two business titans is now a mere $1 billion.

Oracle’s AI Boost

Oracle CEO Safra Catz revealed that in the last quarter, Oracle signed four mega multi-billion-dollar AI contracts with giants including OpenAI, Meta, Nvidia, and Musk’s own xAI.

Thanks to this, Oracle’s cloud infrastructure business is projected to grow 77% this year to $18 billion, with forecasts suggesting it could reach $144 billion within four years.

Ellison, now 81, highlighted the vast scope of artificial intelligence, predicting revolutions in fields such as:

• Robotics in industries
• Drug design in laboratories
• Automated trading in financial markets
• Legal and sales automation

As he put it: “AI everything.”

Musk’s Challenges

Meanwhile, Tesla shares have slumped 14% so far this year. Sales in Europe dropped by 40% in July, and the company is losing market share in the U.S. as well.

Musk’s open political stance — particularly his support for Trump-opposing leaders — has triggered boycotts from certain consumers. To offset these setbacks, he is aggressively pushing futuristic projects such as robots, robotaxis, and advanced AI ventures to regain investor confidence.

Ellison’s Political Links

Ellison, who co-founded Oracle in 1977, served as CEO until 2014 and currently holds the role of Chairman and Chief Technology Officer. He is also known for his close ties with former U.S. President Donald Trump.

Looking Ahead

Market analysts believe Oracle’s strong AI-driven growth could propel Ellison back to the top spot in the global wealth rankings at any time.

For now, the battle for the crown of the world’s richest person remains neck and neck between Musk and Ellison — a contest shaped by innovation, leadership, and the future of AI.