The richest billionaire in the world is no longer Elon Musk.
Yesterday (September 11), the financial markets witnessed one of the most spectacular days of personal wealth growth in history. Larry Ellison, co-founder of Oracle, "pocketed" an additional 100 billion USD, officially dethroning Elon Musk to become the richest person in the world with a net worth of 393 billion USD.
So what drove this extraordinary leap?
The global artificial intelligence (AI) craze is a major driver. As companies rush to build and train AI models, demand for data centers and database management systems is exploding. Oracle, a giant in enterprise software and databases for more than 40 years, is directly and strongly benefiting from this trend.
Yesterday, Oracle's stock price recorded its biggest one-day gain since 1992, and as its largest individual shareholder, Larry Ellison's fortune skyrocketed.
This boom was no fluke. It was built on the solid foundation that Ellison and his team had laid since 1977. Oracle, which began as a database project for the CIA, went public in 1986 and has continued to grow. Although Ellison stepped down as CEO in 2014, he still holds strategic positions as Chairman of the Board and Chief Technology Officer (CTO), continuing to guide the company into the AI era.
While his career has been tied to Oracle, Ellison's life has been far-reaching. He owns 98% of the Hawaiian island of Lana'i, is a major Republican donor and has close ties to former President Donald Trump.
He is also a major philanthropist, having signed the "Giving Pledge" of 95% of his wealth and investing hundreds of millions of dollars in medical research and global initiatives.
Larry Ellison’s move past Elon Musk is more than just a change in the billionaire rankings. It’s a stark reminder of how the AI revolution is profoundly reshaping the global economy and creating new winners.
