Larry Ellison has taken the top spot from Elon Musk as the richest person in the world. His wealth jumped after shares in Oracle, the company he co-founded, rose sharply in early trading on Wednesday, September 10.

Oracle’s stock price went up by more than 40% to $340 a share, pushing the company’s value to $958 billion.

With Ellison owning 41% of Oracle, his stake is now worth $393 billion, placing him just ahead of Musk, whose fortune stands at $384 billion, according to Bloomberg’s billionaire index.

This is the biggest single-day rise in Oracle’s history and also the largest one-day increase in wealth ever recorded on Bloomberg’s ranking.

Ellison’s money doesn’t just come from Oracle. He also owns part of Tesla, a sailing team, the Indian Wells Open tennis tournament, and even an island in Hawaii.

Ellison and Musk are close. Ellison has often been seen as a mentor to Musk, even serving on Tesla’s board between 2018 and 2022. He also invested $1 billion in Musk’s purchase of Twitter, now called X.

According to Walter Isaacson’s biography of Musk, Ellison offered to invest without hesitation, telling Musk he would give a billion dollars or “whatever you recommend.” Musk is also a regular guest on Ellison’s private Hawaiian island, Lanai.

Ellison is known for supporting Donald Trump and has appeared with him at the White House. He was also part of the launch of the Stargate project, a $500 billion plan for AI infrastructure in the U.S.

Musk also backed Trump’s 2024 campaign before their relationship fell apart earlier this year.

Oracle’s growth has been driven by the increasing demand for cloud services from artificial intelligence companies like OpenAI, which need massive data centers to power their technology.

Musk first became the world’s richest man in 2021 before losing it to Jeff Bezos and Bernard Arnault. He regained the title last year, but after just over 300 days, 81-year-old Larry Ellison has now taken the crown.