"In a stunning few minutes after markets opened, stock in Ellison's Oracle Corp. rocketed more than a third, enough for him to temporarily wrest the title from its longtime holder Elon Musk and hand it to the software giant's co-founder. But the stock market is fickle, and Musk was back on top by the end of the day, at least according to Bloomberg, as Oracle gave up a bit of its earlier gains."
"The dueling fortunes are so big each could fund the lifestyles of 5 million typical American families for a year, about the entire population of Florida, allowing them to all quit their jobs. Or they could just tell all of South Africa to take a vacation for year and produce nothing, based on its gross domestic product. The brief switch in the ranking came after a blockbuster earnings report from Oracle powered by multibillion dollar orders from customers as the artificial-intelligence race heats up."
Larry Ellison briefly overtook Elon Musk as the world's richest person when Oracle shares surged more than a third after markets opened. Oracle's gains followed an earnings report announcing over $300 billion in new deals, including contracts with OpenAI, Meta and Nvidia, driven by demand tied to the artificial-intelligence race. Musk reclaimed the top spot by the end of the day as Oracle eased from peak gains and Tesla shares have fallen about 14% this year. Ellison owns roughly 40% of Oracle; the intraday rally added about $100 billion to his net worth.
Read at Fortune
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