Larry Ellison Overtakes Elon Musk as World's Richest

Larry Ellison has surpassed Elon Musk to become the world's richest person, driven by a 40% surge in Oracle's stock price. This increase is attributed to growing demand in artificial intelligence services.

Ellison's net worth is now estimated at $397 billion, exceeding Musk's $384 billion, according to the Bloomberg Billionaires Index.

Oracle CEO Safra Catz cited an "amazing quarter," highlighted by multi-billion dollar contract signings. Oracle's orders have increased, generating future revenues of $455 billion.

Ellison's rise coincides with Tesla facing challenges, with its stock price falling by a quarter since December.

Oracle is benefiting from increased demand for data center infrastructure from AI startups. The company has signed a partnership agreement with OpenAI and SoftBank for the $500 billion Stargate project.

Wall Street anticipated an increase in orders following the announcement of Oracle's new $30 billion annual contract in July.

For the latest quarter, Oracle reported a 12% increase in revenue, reaching $14.9 billion.