Elon Musk just lost his title as world’s richest person

Elon Musk has lost his title of “world’s richest person” title to Oracle cofounder Larry Ellison.

Ellison’s wealth jumped by $101 billion to $393 billion after Oracle’s stunningly strong earnings report Tuesday evening, surpassing Musk’s net worth of $385 billion, according to Bloomberg.

Oracle (ORCL) reported surging demand for its data center capacity from AI customers, launching the stock into the stratosphere. Shares are 40% higher Wednesday as of 11 a.m. ET.

CEO Safra Catz announced Tuesday after the stock market closed that Oracle signed four multibillion-dollar contracts with customers during the quarter, and she expects to sign several more in the coming months.

That electric forecast was powered by Oracle’s emergence as a key provider of infrastructure that powers AI companies’ enormous demands for computing power – Oracle’s bread and butter as a cloud services and database software provider. In July, Oracle announced a deal to provide ChatGPT’s parent company OpenAI with 4.5 gigawatts of electricity to power its AI software.

Ellison is Oracle’s largest individual shareholder and could capture the title of world’s richest person if the stock extends its extraordinary gains when the markets open Wednesday. The stock’s jump is exceedingly rare for a company that has a massive market value of just under $700 billion – the 13th most-valuable stock on the market at Tuesday’s close.

Bloomberg notes Ellison’s leap in wealth is the “biggest one-day increase ever recorded” recorded by the index. The Bloomberg Billionaire Index will update following the market close on Wednesday.