This week, Larry Ellison, co-founder of Oracle, briefly surpassed Elon Musk to become the world’s richest individual, with a fortune reaching $393 billion, compared to Musk’s $385 billion, as per the Bloomberg Billionaires Index. This change was prompted by a significant increase in Oracle’s stock price, which rose over 40% due to optimistic forecasts for its cloud business and a surge in artificial intelligence contracts. However, this shift was short-lived; by the end of trading, Oracle’s stock price fell, reducing Ellison’s wealth and reinstating Musk at the top. This fleeting moment highlighted the growing importance of AI and cloud infrastructure in technology and personal wealth.
At 81, Larry Ellison is a prominent figure in tech, having co-founded Oracle in 1977 and transforming it into a major player in Silicon Valley. Renowned for his vibrant lifestyle and bold personality since the 1990s, Ellison served as Oracle’s CEO until 2014 and continues to be involved as chairman and chief technology officer. His recent wealth increase reflects Oracle’s role in the AI boom, with the company forecasting a 77% rise in cloud revenue this year to $18 billion. CEO Safra Catz announced that Oracle secured four multibillion-dollar contracts in the last quarter, with more expected as AI companies seek access to its data centers, bolstering investor confidence.
Beyond technology, Ellison has significant influence in political circles, having close ties with former President Donald Trump. Earlier this year, he collaborated with OpenAI’s Sam Altman and SoftBank’s Masayoshi Son to initiate ‘Stargate,’ a project to enhance America’s AI infrastructure. Trump has even suggested Ellison as a potential buyer for TikTok if it is required to sell. In addition to his political engagements, Ellison has ventured into media, primarily financing his son David’s $8 billion purchase of Paramount through Skydance Media, furthering the Ellison family’s presence in Hollywood. In contrast to Ellison’s rise, Musk has encountered challenges. Tesla’s stock has struggled due to concerns over Trump’s reversals of electric vehicle incentives and Musk’s political controversies.
Nevertheless, Musk is still in line for a substantial compensation package, potentially exceeding $1 trillion, contingent on achieving long-term performance metrics. Although Ellison’s time as the richest person was brief, it exemplified a broader trend in which fortunes are increasingly linked to the technologies shaping our future, particularly AI and cloud computing.