"The enterprise-software giant's cofounder briefly leapfrogged the Tesla and SpaceX CEO on Wednesday as Oracle shares soared 43% to a record intraday high of about $346. The frenzy was sparked by Oracle projecting massive revenue growth in its cloud infrastructure business, fueled by demand from AI customers. Oracle soared past JPMorgan and Walmart in market value, touching a $970 billion market capitalization before ending the day worth $922 billion."
"Ellison's 41% stake in Oracle jumped in value to nearly $400 billion at one point on Wednesday, catapulting him past Musk, whose net worth was $383 billion at Tuesday's close, per the Bloomberg Billionaires Index. However, Oracle shares receded from their peak, closing 36% higher at about $328 on Wednesday. Ellison's net worth ultimately rose about $89 billion to end the day at $383 billion, per Bloomberg's rich list."
Oracle shares surged intraday as the company projected massive revenue growth in its cloud infrastructure business driven by AI demand, pushing the stock up 43% to about $346 and briefly valuing Oracle near $970 billion. Ellison's 41% stake jumped close to $400 billion, temporarily surpassing Musk. Oracle later closed about $328, leaving Ellison and Musk trading the top billionaire spot with net worths near $383–384 billion. Oracle stock has risen roughly 97% this year while Tesla shares have slid about 14%, producing large gains for Ellison and sizable losses for Musk in Bloomberg's rankings.
Read at Business Insider
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