Musk Reclaims Richest-Person Crown After Oracle Surge
Lead Elon Musk briefly lost then regained the title of world’s richest person after Oracle co-founder Larry Ellison’s stock surge on Wednesday shifted the rankings in New York markets.
Nut Graf The fleeting power struggle underscores the volatility of billionaire wealth tied to tech stocks. As AI demand drives cloud-computing plays, Musk’s fortune remains buffeted by swings in Tesla shares and rival investors’ moves.
Oracle’s AI-Fueled Rally
- Oracle shares jumped 36% Wednesday after co-founder Larry Ellison’s company reported major AI infrastructure deals and projected cloud-revenue growth.
- Ellison’s net worth surged by nearly $100 billion in minutes, momentarily nudging past Musk before scaling back by market close.
Musk’s Comeback
- Tesla stock climbed modestly late Wednesday, lifting Musk’s net worth back above $384 billion and restoring his top-earner status on Bloomberg’s list.
- Musk controls stakes in multiple private ventures-SpaceX, xAI and X-that buffer his fortune against Tesla’s 14% year-to-date slide.
Broader Implications
- The billionaire rankings highlight investor faith in AI and cloud services, with Oracle and Tesla trading places as bellwethers of the tech economy.
- Musk’s regained lead came even as Tesla faces sales challenges in Europe and U.S. market-share declines linked to his political controversies.
What’s Next Analysts will watch today’s trading for further shifts in Musk’s and Ellison’s fortunes, as both companies report on AI contracts and electric-vehicle demand.
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