Oracle co-founder Larry Ellison surpassed Elon Musk as the world's richest person on Wednesday, his net worth reaching nearly $400 billion. This surge is attributed to Oracle's booming cloud services backlog exceeding $450 billion, secured through multi-billion dollar contracts with AI giants like Nvidia and OpenAI. The Ellison family's recent $8 billion acquisition of Paramount Global further contributed to this increase. Oracle's stock market value neared $1 trillion during Wednesday's trading.

Prepared by Christopher Adams and reviewed by editorial team.