In a stunning twist in the world of wealth, Larry Ellison has surged past Elon Musk to claim the title of the world’s richest person, bringing an end to Musk’s nearly year-long reign atop the Bloomberg Billionaires Index.
According to Bloomberg, Ellison, the co-founder of Oracle, saw his fortune skyrocket by an astonishing $101 billion on Wednesday, following Oracle’s impressive quarterly results that not only exceeded expectations but also hinted at promising growth in its cloud business. This remarkable leap lifted Ellison’s net worth to an eye-watering $393 billion, nudging him ahead of Musk, whose fortune now rests at $385 billion.
At 81, Ellison’s one-day gain marks the largest single-day increase ever recorded on Bloomberg’s index. Oracle’s shares, which had already gained 45% this year, soared an additional 41% after the company announced robust bookings and a bright outlook for its cloud infrastructure division.
As the chairman and chief technology officer of Oracle, Ellison’s wealth is largely tied to the company’s stock, making this leap all the more significant. Musk, who first claimed the title of the world’s richest person in 2021, had wrested it back last year and held it for just over 300 days, previously losing it to Jeff Bezos of Amazon and Bernard Arnault of LVMH.
Meanwhile, Tesla’s shares have dipped 13% this year, and the company’s board has proposed a massive pay package for Musk that could potentially make him the first trillionaire, contingent on hitting a series of ambitious targets. The race for the top continues to heat up!
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