Oracle co-founder Larry Ellison has dethroned Elon Musk to become the world’s richest man, according to the Bloomberg Billionaires Index.
Larry Ellison’s fortune skyrocketed by a record-breaking $101 billion on Wednesday after Oracle’s quarterly results beat expectations and pointed to stronger growth in its cloud business. The jump boosted his net worth to $393 billion, surpassing Musk’s $385 billion.
The 81-year-old tech mogul now holds the biggest one-day wealth gain ever recorded on Bloomberg’s index. Oracle’s shares, which were already up 45% this year, surged another 41% following upbeat projections for its cloud infrastructure unit. Most of Larry Ellison’s wealth is tied to his stake in the company.
Musk, who had held the crown for just over 300 days, now slips to second place. He first became the world’s richest person in 2021 but has since traded the title back and forth with Amazon founder Jeff Bezos and LVMH boss Bernard Arnault.
Tesla’s stock has dipped 13% this year, dragging down Musk’s fortune. However, the electric car maker’s board recently proposed a massive pay package that could see him become the world’s first trillionaire if he meets ambitious targets.
