The Richest Race: Larry Ellison Briefly Unseats Elon Musk in Billionaire Showdown
NEW YORK (AP) — The volatile contest for the title of the world’s richest person saw a dramatic, albeit brief, shake-up on Wednesday as Oracle Corp. co-founder Larry Ellison momentarily unseated long-reigning tech titan Elon Musk. A remarkable surge in Oracle’s stock, driven by massive artificial intelligence contracts, propelled the 81-year-old Ellison to the top, only for Musk to reclaim his position by the day’s close as market dynamics shifted.
Oracle’s AI Boom Propels Ellison to the Top
The intra-day drama unfolded within minutes of market opening. Shares of Oracle Corp. rocketed by more than a third, directly linked to a blockbuster earnings report revealing multi-billion dollar orders fueled by the intensifying global race for artificial intelligence dominance. This sudden spike pushed Ellison’s net worth to an estimated $383.2 billion, momentarily surpassing Elon Musk’s $384.2 billion, a razor-thin difference of just $1 billion that underscored the sheer scale of their fortunes. To put these figures into perspective, either billionaire’s wealth could fund the lifestyles of 5 million typical American families for an entire year, or cover the gross domestic product of South Africa for a year, allowing its entire population to take a vacation.
Oracle’s impressive performance stemmed from securing over $300 billion worth of new deals, including significant contracts with leading AI innovators like OpenAI, Meta, Nvidia, and even Musk’s own artificial intelligence venture, xAI. The company now anticipates its cloud infrastructure business revenue to jump a remarkable 77% to $18 billion this fiscal year, with projections indicating a rise to $144 billion within the next four years. Ellison, speaking on an earnings call, emphasized Oracle’s expanded role beyond merely building AI chatbots, stating the company would profit from the day-to-day operation of these AI systems across various industries—from powering factory robots and designing drugs to automating legal and sales processes. His concise declaration, “AI Changes Everything,” encapsulated the investor optimism driving Oracle’s gains.
Musk’s Empire Faces Headwinds
In stark contrast, Elon Musk, who first claimed the world’s wealthiest title four years ago, has seen his primary wealth engine, electric vehicle maker Tesla, experience a significant downturn. Tesla’s stock has plummeted 14% this year, a trend attributed to a cooling EV market and growing consumer backlash. While Musk endeavors to redirect investor attention toward Tesla’s burgeoning robot and AI initiatives, including its advancements in autonomous driving and robotaxis, the company continues to face mounting challenges.
Recent data revealed a sharp 40% plunge in Tesla sales within the European Union this summer, marking the seventh consecutive month of declines. This slump is partly linked to consumer disaffection following Musk’s vocal support for extreme right-wing politicians on his social media platform, X (formerly Twitter). Similarly, in the U.S., Tesla has been losing market share as some buyers reportedly steer clear of the brand due to Musk’s public embrace of Donald Trump. Beyond Tesla, Musk’s portfolio includes private ventures such as rocket manufacturer SpaceX, his AI company xAI, and the social media platform X.
Market Close: Musk Reclaims Top Spot
By Wednesday’s market close, the dynamic leaderboard settled with Musk regaining his lead. Oracle’s stock concluded the day at $328.33, reflecting a substantial 36% jump, while Tesla’s shares saw a modest increase of less than 1%, closing at $347.79. The day’s events served as a potent reminder of the fluid nature of immense wealth, where market sentiment, technological advancements, and even public perception can trigger rapid shifts among the world’s most powerful billionaires.
