[ICYMI] Ellison overtakes Musk as world’s richest man
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Oracle co-founder, Larry Ellison, has toppled Elon Musk to become the world’s richest person, ending the Tesla boss’s nearly year-long reign at the top of the Bloomberg Billionaires Index.
Bloomberg reports that Ellison’s fortune surged by a record $101bn on Wednesday after Oracle reported quarterly results that beat expectations and signalled further growth in its cloud business.
The increase lifted his wealth to $393bn, putting him ahead of Musk, whose net worth now stands at $385bn.
The 81-year-old tech billionaire’s gains mark the biggest one-day jump ever recorded on Bloomberg’s index.
Oracle’s shares, which had already risen 45 per cent this year, soared 41 per cent after the company announced strong bookings and an upbeat outlook for its cloud infrastructure unit.
Ellison, who serves as chairman and chief technology officer of Oracle, holds the bulk of his fortune in the company’s stock.
Musk, who first became the world’s richest person in 2021, had reclaimed the title last year and held it for just over 300 days.
He previously lost the crown to Amazon’s Jeff Bezos and LVMH boss Bernard Arnault.
Tesla shares have fallen 13 per cent this year.
The company’s board has proposed a massive pay package for Musk that could make him the world’s first trillionaire if he hits a series of ambitious targets
