New York

—

Elon Musk briefly lost his title of “world’s richest person” title to Oracle cofounder Larry Ellison.

Ellison’s wealth jumped by $89 billion to $383.2 billion on Wednesday after Oracle’s stunningly strong earnings report Tuesday evening, according to Bloomberg.

Oracle (ORCL) reported surging demand for its data center capacity from AI customers, launching the stock into the stratosphere. Shares gained as much as 43% before closing higher by about 36% on Wednesday; it was the stock’s biggest single-day gain since 1992.