Elon Musk is on the verge of losing his “world’s richest person” title to Oracle cofounder Larry Ellison. Ellison’s wealth jumped $70 billion to $364 billion after Oracle’s stunningly strong earnings report Tuesday evening, putting him in striking distance of Musk’s net worth of $384 billion, according to Bloomberg Billionaires Index. Oracle (ORCL) reported surging demand for its data center capacity from AI customers, launching the stock into the stratosphere. It’s rocketing 33% higher in premarket trading Wednesday. 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. As Oracle has become a powerhouse in AI technology, it has ridden the recent tech boom that has propelled Nvidia to become the world’s most valuable company, with a valuation north of $4 trillion. Microsoft briefly joined Nvidia above the $4 trillion mark. The eight most-valuable stocks in the S&P 500 are all tech stocks with some stake in building the AI-powerd future. As the AI boom accelerates, Oracle’s stock has risen 45% this year. Musk first captured the title in 2021 and has largely held on to it for the past few years thanks in part to his various investments in Tesla and SpaceX. Over the years, Musk has briefly lost it twice, first in 2021 to LVMH CEO Bernard Arnault and in 2024 to Amazon founder Jeff Bezos. Nevertheless, Musk has prevailed despite his various trials and tribulations. He was even give a new pay package that could be worth close to $1 trillion once Tesla hits certain milestones. For Ellison, his road to becoming the world’s richest person traces back to 1977, when he dropped out of college and helped establish Oracle.