Larry Ellison, Oracle’s Chief Technology Officer, overtook Elon Musk to become the world’s richest person on Wednesday – albeit temporarily. The current wealth gap between these titans stands at a relatively modest one billion pounds, considering their enormous net worth: Musk maintains $384.2 billion whilst Ellison holds $383.2 billion.According to an AP report, these astronomical sums could sustain 5 million average American households for an entire year, equivalent to Florida’s population taking a complete break from work. Alternatively, the amount matches South Africa’s annual gross domestic product.

When Larry Ellison overtook Elon Musk as world’s richest

In the initial minutes of trading, Oracle Corp.’s share price increased dramatically, momentarily elevating its co-founder Ellison above the long-standing leader Elon Musk in the world’s wealthiest persons rankings.However, the volatile nature of the stock market restored Musk to the position of the world’s richest person by day’s end, according to Bloomberg, as Oracle’s shares settled lower than their earlier peak.At Wednesday’s close, Oracle shares rose 36% to $328.33, whilst Tesla showed minimal movement, increasing less than 1% to $347.79.The temporary shift in rankings occurred following Oracle’s exceptional earnings report, which highlighted substantial customer orders amidst increasing competition in artificial intelligence technology.Larry Ellison ascended to become the wealthiest individual globally, surpassing Elon Musk, who had held this position since four years prior. Musk’s position was primarily attributed to his ownership in Tesla, an electric vehicle manufacturer that is currently experiencing a decline.Tesla’s shares have declined by 14% in the current year, displaying a contrasting trajectory to Oracle’s performance. Musk maintains control over numerous private enterprises, including the spacecraft manufacturer SpaceX, his AI venture xAI, and X (previously known as Twitter).Ellison’s 40% ownership in Oracle resulted in his wealth increasing by $100 billion within thirty minutes of market opening! The previous evening, post market closure, Oracle disclosed securing contracts exceeding $300 billion, including agreements with “OpenAI, Meta, Nvidia and Musk’s xAI”. The company projected its cloud infrastructure revenue to increase by 77% to $18 billion this fiscal year, followed by an anticipated rise to $144 billion over the subsequent four-year period.Ellison said in an earnings discussion how the company would generate revenue not only from AI development infrastructure but also from operating AI systems across various sectors, including manufacturing, pharmaceutical research, financial trading, and business automation.The substantial increase in Ellison’s wealth on Wednesday morning reflected market confidence in automation replacing human workforce, positioning Oracle to capitalise on this transformation.“AI Changes Everything,” declared the 81-year-old during the discussion.Meanwhile, Tesla’s chief executive faces challenges in persuading investors despite similar aspirations. Following a significant decline in electric vehicle sales early this year, the anticipated recovery hasn’t materialised. He has attempted to redirect attention towards Tesla’s robotics division and AI developments in autonomous vehicles.Despite his continued optimism about Tesla’s prospects, difficulties persist. The company experienced a 40% decline in European Union sales during early summer, marking seven consecutive months of reduction, partly due to his social media support for far-right politicians. US market share has also declined as customers responded negatively to his alignment with Donald Trump.

Prize draws such as Omaze and McDonald’s Monopoly are normalising gambling, particularly for children and young people, a charity has warned.

GambleAware said survey findings suggested a link between prize draws such as Omaze and McDonald’s Monopoly and gambling harm, with latest data suggesting that 27% of people who gamble are estimated to be experiencing a risk of problems from taking part in such games.

Prize draws are not currently regulated as a licensed form of gambling, but GambleAware said they had “many similarities” to certain types of gambling and people “may not understand the risks associated with them”.

The charity raised its concerns about prize draws as it released its fifth annual Treatment and Support Survey data, finding that demand for treatment and support for gambling problems has almost doubled since 2020.

The YouGov survey found that almost one in three adults (30%) who are experiencing a risk of problems from gambling want treatment, support or advice, compared with around one in five (17%) in 2020.

The data also shows an increase in the proportion of adults who are experiencing problem gambling, up from 2.4% in 2020 to 3.8% in 2024.

The number of people affected by family or friend’s gambling has increased from 6.5% in 2020 to 8.1% in 2024 – an estimated 4.3 million adults.

The charity said estimates based on the YouGov survey suggested that around two million children may be living in households with an adult experiencing problem gambling.

GambleAware chief executive Zoe Osmond said: “Gambling can be highly addictive, with devastating impacts on people’s lives, relationships and financial stability.

“While it is encouraging that more people have sought help, this rise may also point to a growing public health crisis.

“We are increasingly alarmed by how gambling is being normalised and how frequently people – especially young people – are exposed to gambling across Great Britain.

“To reverse this troubling trend, urgent preventative action is needed. This must include tougher regulation of gambling advertising to stop gambling being portrayed as ‘harmless fun’.

“There should also be mandatory health warnings on all gambling ads, stricter controls on digital and social media marketing, and a full ban on gambling promotion in stadiums and sports venues to protect children and young people from harm.”

The report, which also explored attitudes towards children’s exposure to gambling, found widespread support for more restrictions on gambling advertising, with 91% supporting a ban on gambling advertising on TV and video games and 90% supporting a ban on social media.

Kate Gosschalk, YouGov associate director, said: “We are pleased to share the findings from the latest annual Treatment and Support Survey, a substantial online survey of around 18,000 people in addition to interviews with those who gamble.

“The new data provides valuable insight about gambling harm, including an increase in the number of people seeking support or treatment over the past five years.”

An Omaze spokesman said: “Omaze takes consumer safeguarding very seriously. We voluntarily operate an automated monthly spending limit for all customers, and our teams proactively review customer spend patterns to identify whether a customer has multiple subscriptions or if they frequently get close to the cap. This allows us to identify and protect against any potential excessive spend.

“We operate in full compliance with all relevant UK regulations.

“As a part of our commitment to high standards, we are subject to strict requirements under the Advertising Standards Agency (ASA) and abide by all of its rules in promoting our products.

“Omaze welcomes the Government’s latest research and plans on the prize draw sector. We are pleased to be working closely with the Department of Culture, Media and Sport to develop a voluntary Code of Conduct for the industry, to ensure that Omaze’s high levels of consumer protections are matched across our industry.”

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