Larry Ellison briefly became the world’s richest individual on Wednesday after a sharp rise in the value of Oracle, the software company he co-founded and still chairs.
Ellison’s net worth increased by about $89 billion in a single day following Oracle’s quarterly earnings report, which exceeded analysts’ expectations.
The company also projected continued growth in its cloud computing and data services business, pushing its stock price to record highs.
This surge allowed Ellison to overtake Elon Musk, whose wealth is largely tied to his holdings in Tesla, SpaceX, and X (formerly Twitter). Musk’s net worth has fluctuated with recent volatility in Tesla’s share price and shifting valuations of his private companies.
Musk has publicly described Ellison as “very smart” and “one of the smartest people” he has met.
According to Musk’s biography by Walter Isaacson, Musk considers Ellison both a friend and a mentor. The two have often spent time together on Lanai, the Hawaiian island Ellison bought in 2012, where he owns 98% of the land.
Ellison has transformed Lanai into an exclusive destination for wealthy visitors, building the Four Seasons Resort Lanai and launching a hydroponic farm to supply local produce. He has also hosted political leaders and business figures there, including Israeli Prime Minister Benjamin Netanyahu.
In 2017, Ellison gave $16.6 million to the Friends of the Israel Defense Forces, then the organization’s largest-ever single donation. He has maintained close ties with Israeli officials, although it is unclear whether he has made additional donations since then.
Investors’ confidence in Oracle’s move into artificial intelligence-related cloud services is growing and is drawing new long-term corporate clients.
Meanwhile, Musk’s fortune has shown greater volatility, as it is linked to higher-risk industries such as electric vehicles, space technology, and social media, which often see sharp market swings.
Ellison’s lead over Musk was brief, and their positions at the top of global wealth rankings continue to shift with market changes.
