Oracle Stock Rally Catapults Larry Ellison Close To 'Friend' Elon Musk For Title Of World's Richest Man

Oracle Corp. (ORCL) stock surged nearly 29% in the early premarket session on Wednesday, positioning it to open at a fresh record on Wednesday, preserving much of the after-hours gains it recorded on Tuesday.

The stock is bracing for its best day since the mid-1999 dotcom bubble days if it holds its premarket gains in the regular session.  The upside trigger is the company's strong forward outlook for its Cloud infrastructure business amid swelling artificial intelligence (AI)-related demand.

Going by Oracle's after-hours gains of 28.37% on Tuesday,  co-founder Larry Ellison's net worth is seen to leap by about $70 billion, a Bloomberg report said. As of Tuesday's market close, the Oracle co-founder's wealth ($295 billion) trailed that of the frontrunner, Elon Musk, by just $89 billion, according to the Bloomberg Billionaires Index. If Oracle sustains the premarket gains, Ellison would close this gap with the Tesla CEO.

The Bloomberg report said it would also mark the biggest one-day gain recorded ever for the index. Musk has held on to the top spot in the billionaire's list even as the publicly listed shares of his electric-vehicle venture continue to struggle amid worsening industry fundamentals.

The two most wealthy, however, share a good rapport, praising each other for their respective accomplishments. In a video clip reshared by Musk on X last October, Ellison is seen praising the Tesla chief, appreciating him for being successful in landing rockets. Calling Musk his“friend,” he said,“You're saying Elon's an idiot. The guy's landing rockets. And who are you?” Musk, in turn, returned the favor by stating,“Larry Ellison is awesome.”

On Stocktwits, Oracle's overnight surge as well as premarket gains placed it among the top 10 trending tickers heading into Wednesday's market open, with sentiment leaning 'extremely bullish'.

Oracle's stock has gained 46% year-to-date by Tuesday's session. 

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