Elon Musk has lost his spot as the world's richest person—at least for a short time.

Oracle co-founder Larry Ellison briefly took the top spot on Wednesday after Oracle's stock soared following a strong earnings report, according to Bloomberg's Billionaires Index.

Ellison's wealth jumped by $89 billion in one day, bringing his total net worth to $393 billion, CBS News said.

For a few hours, that was several billion more than Musk, whose estimated net worth dipped to $384 billion.

This change was driven by a 36% jump in Oracle's stock, the company's largest single-day gain since 1992.

The massive increase came after Oracle announced it had signed four multibillion-dollar contracts tied to the booming demand for artificial intelligence (AI) technology. These deals boosted confidenc

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