New Delhi: Elon Musk has regained his position as the world’s richest person after briefly being overtaken by Oracle co-founder Larry Ellison on Wednesday. Ellison’s sudden surge came after a sharp rise in Oracle’s stock, driven by growing demand for the company’s AI infrastructure services.

Ellison’s record-breaking gains

Oracle’s earnings report on Tuesday evening triggered a significant boost in investor confidence, leading to a dramatic spike in its stock price. Ellison’s net worth reportedly jumped by $89 billion to $383.2 billion, at one point climbing as much as $101 billion—the largest single-day gain ever recorded on the Bloomberg Billionaires Index.

Oracle’s shares soared by up to 43% during trading, eventually closing 36% higher, marking the company’s biggest single-day increase since 1992. The surge elevated Oracle’s market value by roughly $244 billion, bringing its total worth to about $922 billion. This also moved the company up the S&P 500 rankings, from the 13th-most valuable firm to the 10th, surpassing major players such as Eli Lilly, Walmart, and JPMorgan Chase.

Musk reclaims top spot

As Oracle’s stock gains stabilised by the end of trading on Wednesday, Musk reclaimed the top position, with a net worth of $384.2 billion—$1 billion ahead of Ellison. Musk first became the world’s richest person in 2021 and has mostly held the title since, although he was briefly overtaken by LVMH’s Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024. After regaining it last year, he had held it for just over 300 days.

AI boom drives billionaire wealth

The brief change in rankings underscores the influence of AI-driven growth on tech stocks and the net worth of the world’s wealthiest individuals. Oracle’s rapid stock appreciation was largely fuelled by investor optimism over the company’s AI infrastructure offerings, highlighting the sector’s growing role in global financial markets.

Conclusion

While the top spot in billionaire rankings remains competitive and volatile, Elon Musk’s return to the number one position demonstrates his resilience in wealth accumulation amid market fluctuations. The episode also illustrates how technological advances, especially in AI, can rapidly alter the fortunes of leading tech entrepreneurs.