A wild, AI-driven surge in Oracle Corp. shares briefly made Larry Ellison the world’s richest person in September, but a sustained decline since then has erased those gains and more, slicing $130 billion off his net worth.

Oracle’s slump has propelled Alphabet co-founder Larry Page past Ellison, placing him second on the Bloomberg Billionaires Index for the first time.

Page, 52, who served two terms as Google’s CEO before the company reorganized as Alphabet, now boasts a net worth of $256.9 billion—his highest ever.

He remains behind Elon Musk, whose fortune stands at $421.8 billion, while 81-year-old Ellison drops to third with $253.3 billion.

Oracle’s shares jumped 36 per cent on September 10 after the Austin-based company reported surging demand for its AI-related cloud infrastructure, boosting Ellison’s net worth by $89 billion, the largest single-day gain in Bloomberg’s wealth index history.

But just two months later, those gains were erased.

Oracle’s AI strategy is heavily linked to OpenAI, with the company projecting hundreds of billions in revenue from the partnership in the coming years, far exceeding the current earnings of the large language model developer.

Markets have also been unsettled as Oracle relies increasingly on debt.

The company is planning a $38 billion bond sale to fund AI data center construction, while its net adjusted debt already sits near $100 billion. Oracle’s shares have fallen for six consecutive weeks since their September peak, dropping 39 per cent from their all-time high to close Friday at $198.76.