Oracle co-founder Larry Ellison has overtaken Elon Musk to become the world’s richest person, ending Musk’s nearly year-long dominance at the top of the Bloomberg Billionaires Index. According to Bloomberg, Ellison’s wealth rose by a record \$101 billion on Wednesday after Oracle released stronger-than-expected quarterly results and projected continued growth in its cloud services.
This surge pushed his net worth to \$393 billion, surpassing Musk, whose fortune now stands at \$385 billion. The 81-year-old’s gains represent the largest single-day increase ever recorded on the index. Oracle shares, which had already climbed 45 percent this year, jumped another 41 percent following the company’s announcement of robust bookings and a positive outlook for its cloud infrastructure division. Ellison, who is Oracle’s chairman and chief technology officer, holds most of his wealth in company stock.
Musk, who first became the world’s richest person in 2021, regained the title last year and maintained it for just over 300 days. He has previously lost the position to Amazon’s Jeff Bezos and LVMH chairman Bernard Arnault. Tesla shares have dropped 13 percent this year, though Musk could reclaim the lead in the future. The company’s board has proposed a massive pay package that could make him the world’s first trillionaire if he achieves several ambitious performance goals.
Source: https://punchng.com/
