New York —

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.

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