(qlmbusinessnews.com . Thu 11th Sep, 2025) London, UK —
Oracle's Shares Skyrocket, Briefly Making Larry Ellison Richer Than Elon Musk
Elon Musk, the trailblazing entrepreneur behind Tesla, was momentarily dethroned as the wealthiest individual in the world by Oracle's co-founder Larry Ellison, a known associate of the former US President Donald Trump.
Ellison's net worth experienced a meteoric rise to £290 billion on a Wednesday morning, overtaking Musk's £284 billion, as per the Bloomberg Billionaires Index.
This financial leap was attributed to a staggering 40% rise in Oracle's share prices, significantly bolstered by the company's unexpectedly positive forecast for its cloud infrastructure segment and deals in artificial intelligence (AI).
However, Oracle's shares relinquished some of these gains by the day's end, reinstating Musk as the frontrunner.
Musk had been enjoying the status of the globe's wealthiest person for almost an entire year before this brief eclipse by Ellison.
Speculation around Musk's income intensifies as his electric car company's board has laid down a potential £740 billion remuneration package, contingent on achieving an array of challenging goals over the forthcoming decade. Nevertheless, shares in Tesla, Musk's crown jewel, have seen a downturn over the year.
Tesla is currently navigating through perturbations caused by diminished investor confidence, a consequence of the Trump administration's withdrawal from electric vehicle initiatives and a consumer backlash against Musk's political engagements.
Oracle, on the other hand, has benefited from a heightened demand for data centre infrastructure.
Following its quarterly earnings report, Oracle predicted a 77% surge in its cloud business revenue, reaching £13.3 billion this year, with expectations of further growth on the horizon.
The company has observed a spike in demand from AI firms for its data centres, a key driver behind its substantial stock uplift.
With four multi-billion pound contracts secured in the last quarter alone and more anticipated, Oracle's future looks promising, as stated by CEO Safra Catz.
Ellison, who has been at the forefront of Oracle since its inception in 1977 and earned a reputation in the 90s for both his lavish lifestyle and his business acumen, continued to play a pivotal role at Oracle as its chairman and CTO.
A staunch ally to Trump, Ellison was seen alongside influential figures in the tech world, backing projects like Stargate, aimed at advancing AI infrastructure in the US.
Ellison’s connection to Trump extended into potential business ventures, such as the acquisition of TikTok, amidst US deliberations over the app's future due to its Chinese ownership.
Beyond TikTok, Ellison's influence reaches into media ownership, with his significant funding towards a £5.9 billion bid led by his son for Paramount, securing ownership of major networks like CBS and MTV – a deal finalised last month with the media entity Skydance, under his son, David.
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