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lite.cnn.com - on gopher - inofficial
ARTICLE VIEW:
Elon Musk lost his title as world’s richest person - and then got it
back
By Jordan Valinsky, John Towfighi, CNN
Updated:
5:34 PM EDT, Wed September 10, 2025
Source: CNN
Elon Musk briefly lost his title of “world’s richest person”
title to Oracle cofounder Larry Ellison.
Ellison’s wealth jumped by $89 billion to $383.2 billion on Wednesday
after Oracle’s stunningly strong earnings report Tuesday evening,
according to .
Oracle () reported surging demand for its data center capacity from AI
customers, launching the stock into the stratosphere. Shares gained as
much as 43% before closing higher by about 36% on Wednesday; it was
the stock’s biggest single-day gain since 1992.
Ellison is Oracle’s largest individual shareholder. His gains in net
worth made him the world’s richest person for a few hours on
Wednesday, briefly surpassing Musk’s net worth.
But as of market close on Wednesday, Musk’s net worth was $384.2
billion, beating out Ellison’s by $1 billion.
Oracle CEO Safra Catz announced Tuesday after the stock market closed
that the company signed four multibillion-dollar contracts with
customers during the quarter, and she expects to sign several more in
the coming months.
That electric forecast was powered by Oracle’s emergence as a key
provider of infrastructure that powers AI companies’ enormous demands
for computing power – Oracle’s bread and butter as a cloud services
and database software provider. In July, Oracle announced a deal to
provide ChatGPT’s parent company OpenAI with to power its AI
software.
“We’ll be talking about this one for a long time,” said Ben
Reitzes, analyst at Melius Research, about Oracle’s earnings report
in a note to investors Wednesday. Reitzes called Oracle’s $455
billion backlog in demand for its AI services “staggering.”
Ellison briefly captured the title of world’s richest person because
of the stock’s extraordinary gains. The stock’s jump is exceedingly
rare for a company that has a massive market value.
Oracle shares hit a record high on Wednesday. Oracle’s market value
gained roughly $244 billion, lifting it to roughly $922 billion. Oracle
on Wednesday jumped from being the 13th-most valuable company in the
S&P 500 to the 10th most-valuable, surpassing the market value of Eli
Lilly (), Walmart () and JPMorgan Chase ().
Ellison’s wealth rose as much as $101 billion before settling at a
gain of about $89 billion. Bloomberg notes Ellison’s leap in wealth
is the “biggest one-day increase ever recorded” recorded by the
index.
As Oracle has become a powerhouse in AI technology, it has ridden the
recent tech boom that has propelled Nvidia to become the , with a
valuation north of $4 trillion. Microsoft briefly joined Nvidia above
the $4 trillion mark. The eight most-valuable stocks in the S&P 500 are
all tech stocks with some stake in building the AI-powerd future.
“Microsoft and Oracle really aren’t software companies anymore -
they are AI cloud infrastructure stocks that happen to sell software
too,” said Reitzes.
As the AI boom accelerates, Oracle’s stock has risen 97% this year.
Analysts at Bank of America and Citi on Wednesday raised their price
targets for Oracle stock and upgraded it to “buy” from
“neutral.”
Meanwhile, Tesla shares () are down roughly 14% this year.
Musk first captured the title in 2021 and has largely held on to it for
the past few years thanks in part to his various investments in Tesla
and SpaceX. Over the years, Musk has briefly lost it twice, first in
2021 to and in 2024 to .
Nevertheless, Musk has prevailed despite his various and . He was even
give a new pay package that could be once Tesla hits certain
milestones.
For Ellison, his road to becoming one of the world’s richest people
traces back to 1977, when he dropped out of college and helped
establish Oracle.
The 81-year-old multibillionaire owns 98% of the Hawaiian island of
Lana’i and is credited for the Indian Wells tennis tournament in
California, earning it the nickname.
Ellison has close ties with President Donald Trump, often appearing
with him at the White House for various and rewarding Oracle contracts.
He’s also seen has a , although those plans have not come to
fruition.
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