Oracle’s Larry Ellison Overtakes Elon Musk as World’s Richest Man
Oracle co-founder, Larry Ellison, has overtaken Tesla boss, Elon Musk, to become the world’s richest person, ending Musk’s near one-year dominance at the top of the Bloomberg Billionaires Index.
According to Bloomberg, Ellison’s wealth skyrocketed by a staggering $101 billion in a single day after Oracle posted impressive quarterly results that surpassed market expectations, while also projecting more growth in its cloud business.
This record-breaking surge pushed Ellison’s net worth to $393 billion, edging out Musk, whose fortune has now dropped to $385 billion. At 81 years old, Ellison’s wealth jump is the largest single-day increase ever recorded on Bloomberg’s billionaires’ ranking.
Oracle’s stock, which had already climbed 45% earlier this year, leapt another 41% after the company announced strong bookings and a positive outlook for its cloud infrastructure services.
Ellison, who currently serves as Oracle’s chairman and chief technology officer, controls the majority of his fortune through the company’s shares.
Musk, on the other hand, first rose to the top of the billionaires’ list in 2021 and reclaimed the spot last year, holding on for just over 300 days before being unseated by Ellison.
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