Oracle co-founder, Larry Ellison, briefly surpassed Tesla boss, Elon Musk, to become the world’s richest individual following a surge in Oracle’s stock value.
The Bloomberg Billionaires Index showed Ellison’s fortune rising to 393 billion dollars, overtaking Musk whose wealth dropped to 385 billion dollars as Tesla shares fell.
The jump came after Oracle announced major gains in its cloud services and artificial intelligence business, sending shares up by more than 40 percent.
However, the firm’s stock later shed part of those gains, returning Musk to the top spot.
At 81, Ellison has spent over four decades building Oracle into one of the world’s biggest software firms.
He currently serves as chairman and chief technology officer after stepping down as CEO in 2014.
Analysts say Musk’s wealth could rebound if Tesla finalises a proposed trillion-dollar compensation package tied to its future growth, despite ongoing investor concerns over U.S. policy shifts on electric vehicles and controversies surrounding his political activities.
Meanwhile, Oracle’s chief executive Safra Catz confirmed the company has sealed four multibillion-dollar artificial intelligence contracts, with more deals expected in the coming months.
Ellison has also deepened his influence in politics and media.
He is a known ally of U.S. President Donald Trump, and has shown interest in TikTok, which faces possible divestment in the U.S.
His son, David Ellison, recently completed an $8 billion takeover of Paramount through Skydance Media, backed largely by his father.