Larry Ellison beat Elon Musk to become the world’s richest person after a surge in Oracle’s stock.
Larry Ellison has become the worldโs richest person for the first time, ending Elon Muskโs nearly year-long reign at the top. Ellison’s fortune soared by USD 101 billion as of 10:10 am in New York after Oracle Corp. reported quarterly results that exceeded expectations and projected further growth. His net worth climbed to $393 billion, moving ahead of Musk, who now sits at $385 billion, according to the Bloomberg Billionaires Index.
The jump is the largest one-day increase ever recorded by the index.
Musk first rose to the top of the rankings in 2021 but later lost the title to Amazonโs Jeff Bezos and LVMHโs Bernard Arnault. He reclaimed it last year and had held the position for just over 300 days before Ellison overtook him.
Ellisonโs Oracle fortune
Ellison, 81, co-founded Oracle and remains its chairman and chief technology officer. The bulk of his wealth is tied to the company. Oracle shares, which had already gained 45% this year through Tuesday, surged another 41% on Wednesday following a sharp rise in bookings and an upbeat forecast for its cloud infrastructure business, the companyโs biggest single-day rise ever.
Tesla’s struggles
In contrast, Tesla shares are down 13% this year. The board has proposed a massive pay package for Musk that, if he manages to achieve a series of ambitious targets, could one day make him the worldโs first trillionaire.
ย