Larry Ellison, the 81-year-old tech magnate who co-founded Oracle in 1977, briefly became the world’s richest person on Wednesday morning. According to the Bloomberg Billionaires Index, Ellison’s net worth surged to $393 billion, surpassing Tesla CEO Elon Musk’s $385 billion.

This remarkable jump came after Oracle’s shares skyrocketed by more than 40 percent, boosting Ellison’s wealth significantly since much of his fortune is tied to the company. The surge followed Oracle’s strong forecast for its cloud infrastructure business and a wave of new artificial intelligence (AI) deals. However, by the end of the trading day, Oracle’s stock price slipped slightly, allowing Musk to reclaim the top spot.

Ellison’s Rise in Global Rich List

Last year, Larry Ellison ranked fourth on Forbes’ list of the world’s richest people. His recent surge in wealth, driven by Oracle’s booming cloud and AI business, has now briefly elevated him to the top spot, surpassing Tesla CEO Elon Musk.

Musk Faces Pressure Amid Tesla’s Struggles

Before this brief shake-up, Musk had held the title of world’s richest person for nearly two years. His fortune, mostly linked to Tesla, has faced challenges as Tesla shares have fallen this year.

The electric vehicle company has been hit by investor concerns after US President Donald Trump rolled back several EV initiatives. Moreover, Musk’s political involvement has caused consumer backlash, adding further pressure on Tesla’s performance.

Despite these setbacks, Musk still has a massive pay package worth over $1 trillion at stake, which he could receive if Tesla achieves a series of ambitious growth targets over the next decade.

Oracle’s AI Boom Drives Growth

Oracle has recently seen surging demand for its data centers, fueled by a growing need for AI-related services. On Tuesday, Oracle CEO Safra Catz announced that the company had signed four multibillion dollar contracts in the last quarter and expects more deals in the coming months.

Ellison, who built Oracle into one of the world’s leading software companies, became a prominent figure in the 1990s, known for his lavish lifestyle and business success. Though he stepped down as CEO in 2014, he continues to play a key role as chairman and chief technology officer.

Ellison’s Close Ties to Trump and Media Ambitions

Ellison has long been seen as a key ally of Donald Trump. When Trump returned to the White House in January, Ellison appeared alongside OpenAI’s Sam Altman and SoftBank’s Masayoshi Son to launch Stargate, a project aimed at expanding AI infrastructure in the United States.

In addition, Oracle has emerged as a potential buyer for TikTok, the popular social media platform owned by China’s ByteDance. The US government has threatened to ban TikTok unless it separates from its Chinese ownership.

When asked about Musk potentially buying TikTok, Trump remarked, “I’d like Larry to buy it, too.”

Ellison’s ambitions in media extend beyond TikTok. He provided the majority of funding for an $8 billion deal led by his son, David Ellison, to acquire Paramount, the parent company of CBS and MTV. The deal between Paramount and Skydance Media, which David controls, closed last month, boosting the Ellison family’s influence in entertainment.

Wealth Rankings Reflect Market Shifts

Ellison’s brief rise above Musk shows how quickly fortunes can change in the volatile tech sector. While Musk regained his position later in the day, Oracle’s strong performance proves that Ellison remains a formidable force in both technology and media.