Oracle’s Larry Ellison Ends Musk’s Reign, Now World’s Richest Man— Reports

Oracle’s Larry Ellison Ends Musk’s Reign, Now World’s Richest Man— Reports

Oracle co-founder Larry Ellison has overtaken Elon Musk to become the world’s richest person, ending the Tesla chief’s nearly year-long run at the top of the Bloomberg Billionaires Index.

According to Bloomberg, Ellison’s wealth soared by a record $101 billion on Wednesday after Oracle posted quarterly earnings that exceeded expectations and projected further growth in its cloud business.

His fortune now stands at $393 billion, surpassing Musk’s $385 billion.

The 81-year-old tech mogul’s gains represent the largest single-day increase ever recorded on Bloomberg’s index.

Oracle shares, already up 45 percent this year, jumped another 41 percent on the back of strong bookings and a positive outlook for its cloud infrastructure division.

Ellison, who is Oracle’s chairman and chief technology officer, holds most of his fortune in company stock.

Musk, who first claimed the title of world’s richest person in 2021, regained it last year and held the position for just over 300 days.

He had previously lost it to Amazon’s Jeff Bezos and LVMH’s Bernard Arnault.

Tesla shares have dropped 13 percent this year.

However, the company’s board has proposed a massive compensation plan for Musk that could potentially make him the world’s first trillionaire if he meets a series of ambitious performance targets.