Larry Ellison, the co-founder of Oracle, briefly surpassed Elon Musk to become the world's richest person on Wednesday, with a net worth of $393bn. However, by market close, Musk regained the top spot with $384bn. The surge in Oracle's stock price, driven by enthusiasm around artificial intelligence, propelled Ellison's fortune.
Ellison, 81, is a longtime friend of President Donald Trump and has a close relationship with the Republican party. He has frequented Trump's Mar-a-Lago resort and met him in the Oval Office. Oracle has emerged as a lead buyer of TikTok, as Trump delays complying with a Supreme Court ruling to ban the app.
Ellison's son, David Ellison, recently took over CBS as part of the media conglomerate Paramount Skydance, in which Larry Ellison owns nearly 50%. The younger Ellison has said the media company will not cater to political parties, but is reportedly considering hiring Bari Weiss, a polarising anti-woke commentator, to help lead CBS News.
Ellison made his fortune in software development, co-founding Oracle in the 1970s after a contract to build a database for the CIA. He served as CEO for 37 years before becoming chief technology officer in 2014. He still owns over 40% of the company, which moved its headquarters to Austin, Texas, in 2020.
Ellison is known for his lavish lifestyle, including mega-yachts, private jets, and owning 98% of the Hawaiian island of Lanai, which he bought in 2012. He has hosted dignitaries such as Israeli Prime Minister Benjamin Netanyahu at his estate there. Ellison has donated heavily to the Israeli military, including a $16.6m gift to Friends of the Israel Defense Forces in 2017.
Elon Musk has called Ellison his mentor and one of the smartest people he has ever met. Ellison served on Tesla's board from 2018 to 2022 and owns a stake in the electric car company.
