Larry Ellison briefly surpassed Elon Musk as the world’s richest person with Oracle’s stock surge, but Musk reclaimed the title by day’s end. The difference is a billion: Musk at $384.2 billion, Ellison at $383.2 billion. Oracle’s success came from a strong earnings report and billion-dollar orders in the AI industry.

Ellison’s wealth soared by $100 billion in half an hour after Oracle’s stock surge, fueled by new deals worth over $300 billion with companies like OpenAI, Meta, Nvidia, and Musk’s xAI. The company expects revenue from its cloud infrastructure business to jump 77% to $18 billion this fiscal year.

Ellison predicts Oracle’s profit will come not just from building chatbots, but also from running AI systems to automate tasks like factory work, drug design, financial bets, and legal work. This reflects investor expectations of AI transforming industries.

Musk’s Tesla struggles to bounce back in electric car sales, facing a 40% decline in EU sales and losing market share in the U.S. Musk’s focus on AI advancements has not shifted attention from the company’s sales decline. Tesla stock closed slightly up at $347.79, while Oracle closed 36% higher at $328.33.

Read more at Yahoo Finance: Musk loses crown as the world’s richest person to Larry Ellison and then snatches it back