Larry Ellison has claimed the title of the world’s richest person for the first time, ending Elon Musk’s nearly year-long run at the top.
Ellison’s wealth surged by $101 billion as of 10:10 a.m. in New York, after Oracle Corp. posted stronger-than-expected quarterly results and projected further growth ahead.
Larry Ellison’s wealth jumped to $393 billion, overtaking Elon Musk, who now is at $385 billion, according to the Bloomberg Billionaires Index. The surge is the largest single-day gain ever recorded by the index.
Musk first claimed the world’s richest title in 2021 before losing it to Amazon founder Jeff Bezos and LVMH’s Bernard Arnault. He regained the top spot last year and had held it for just over 300 days.
Tesla shares have slipped 13% this year. Even so, Musk could still stage a comeback if Tesla meets performance targets.
Ellison, 81, co-founded Oracle and was its chairman and chief technology officer, with most of his fortune tied to the database software giant. Oracle shares, already up 45% this year, jumped 41% on Wednesday after the company reported a sharp rise in bookings and issued a bullish outlook for its cloud infrastructure business, the stock’s biggest single-day jump on record.
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