Larry Ellison briefly claimed the title of the world’s richest person on Wednesday, following a sharp rise in Oracle Corp. shares that significantly boosted his net worth. However, the Tesla owner Elon Musk claimed his top spot after Oracle shares dip during the closing session.
Ellison, who controls 41% of Oracle, watched as his wealth rose when the firm reported better-than-expected financial results.
Oracle shares increased more than 40% when they opened, temporarily putting the firm at about $960 billion (£707 billion) in value. This spike took Ellison’s holding up to an estimated $393 billion, just above Elon Musk’s wealth of $384 billion, based on Bloomberg’s billionaires index.
But Ellison’s stint at the top was brief. Oracle stocks closed 36% higher at $328, putting his stake at $378 billion and restoring Musk to the podium.
Earlier in the year, Ellison had also shot up to second richest in the world, dethroning Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos, who now stand third and fourth respectively.
Since initially taking over as the world’s wealthiest in 2021, Musk’s ranking has changed several times, briefly losing the title to Jeff Bezos and LVMH’s Bernard Arnault.
