- Elon Musk regained the title of world's richest person on Wednesday after briefly losing it to Larry Ellison
- Musk's net worth ended at $384.2 billion, $1 billion more than Ellison, reclaiming the top spot
- Larry Ellison's net worth rose by $89 billion to $383.2 billion after Oracle's earnings report
Elon Musk has reclaimed his title as the world's richest person after briefly losing the top spot on Wednesday to Oracle co-founder Larry Ellison. Ellison surged ahead for a few hours following a sharp rise in Oracle's stock, fuelled by rising demand for the company's AI infrastructure services.
According to Bloomberg, Ellison's net worth soared by $89 billion to reach $383.2 billion following Oracle's earnings report on Tuesday evening. At one point during the day, his fortune had climbed as much as $101 billion, the largest single-day gain ever recorded on the Bloomberg Billionaires Index.
Oracle's shares surged by as much as 43% before closing 36% higher on Wednesday, its biggest single-day jump since 1992. The stock's performance was fuelled by strong earnings and a bullish forecast related to AI demand.
Oracle's market value increased by approximately $244 billion, pushing its total value to about $922 billion. The company also jumped in the S&P 500 rankings, moving from the 13th-most valuable firm to the 10th, surpassing industry giants like Eli Lilly, Walmart, and JPMorgan Chase.
Ellison, Oracle's largest individual shareholder, momentarily overtook Musk as the richest person in the world due to these gains. However, by the end of trading on Wednesday, Musk had reclaimed the top spot with a net worth of $384.2 billion, $1 billion ahead of Ellison.
Musk has largely maintained his status as the world's richest person since first claiming the title in 2021. However, he has been overtaken by LVMH's Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024. He reclaimed it last year and had held it for just over 300 days.
