For a short while this week, Elon Musk lost his position as the world’s richest man. The title briefly went to Oracle co-founder Larry Ellison. According to the Bloomberg Billionaires Index, Ellison’s wealth rose to about $393 billion (over ₹34.5 lakh crore), while Musk’s wealth stood at $385 billion (over ₹33.9 lakh crore).

This sudden rise followed Oracle’s share price jumping more than 40 per cent, driven by strong demand for its cloud services and a surge of deals in artificial intelligence (AI). However, stock markets are unpredictable. By the end of the trading day, Oracle’s shares fell back, cutting Ellison’s gains and putting Musk back on top. Even so, this brief moment showed how cloud technology and AI are shaping the world’s biggest fortunes.

Who is Larry Ellison?

Larry Ellison, now 81 years old, is one of the most famous names in Silicon Valley. He co-founded Oracle in 1977 and transformed it into one of the world's largest database and software companies. Known for his love of yachts, private islands, and a flashy lifestyle, Ellison became a well-recognised figure in the 1990s. He stepped down as Oracle’s CEO in 2014 but still plays a key role as chairman and chief technology officer.

Oracle’s success today is largely tied to the boom in AI. The company recently announced that its cloud revenue is expected to grow 77 per cent this year, reaching $18 billion (over ₹1.58 lakh crore). Oracle also signed four major multibillion-dollar contracts last quarter and expects more big deals soon. Demand from AI companies for Oracle’s data centres has excited investors.

Ellison is also known for his political ties. A strong supporter of U.S. President Donald Trump, he joined other tech leaders earlier this year to launch “Stargate,” a project to boost America’s AI infrastructure. Trump even suggested that Ellison could buy TikTok if the app is forced to sell.

Outside tech, Ellison has invested in Hollywood. He helped his son David buy Paramount, the company behind CBS and MTV, through an $8 billion deal with Skydance Media. That deal was completed just last month.

Meanwhile, Musk’s fortune continues to depend heavily on Tesla. The company has faced challenges this year as Trump rolled back electric vehicle policies and consumers reacted to Musk’s controversial public statements. Tesla’s stock price has dropped, though Musk could still secure a massive pay package worth over $1 trillion if he meets long-term targets.