Surpassing Musk: Larry Ellison becomes the richest man in the world
Oracle founder Larry Ellison’s fortune surged by 101 billion dollars after Oracle’s strong quarterly results, bringing his net worth to 393 billion dollars and placing him ahead of Elon Musk.
Larry Ellison has, for the first time, become the richest person in the world, overtaking Elon Musk, who had held the title for nearly a year.
The sharp rise in Oracle’s share price boosted Ellison’s fortune by 101 billion dollars after the company reported quarterly results that exceeded expectations, along with a positive forecast for the future.
Ellison’s net worth now stands at 393 billion dollars, compared with Musk’s 385 billion dollars, according to Bloomberg’s Billionaires Index.
This increase marks the largest one-day wealth gain ever recorded by the index.
Musk first reached the top of the list in 2021 but was later overtaken by Jeff Bezos and then Bernard Arnault, the head of luxury group LVMH.
However, Musk regained the title last year and held it for more than 300 consecutive days.
Ellison climbed to second place in July, fueled by Oracle’s rallying stock.
He co-founded the company and served as its chief executive until 2014, when he stepped down to become chairman and chief technology officer.
He owns more than 40 percent of Oracle, which represents the bulk of his wealth.
Oracle’s optimistic forecast has made it one of the major beneficiaries of the global surge in artificial intelligence.
The company revealed that in the current fiscal year it expects revenues of 18 billion dollars from its cloud infrastructure division, which drives Oracle’s AI operations.
This would represent unprecedented growth of 77 percent compared with the previous year, when the division reported revenues of 10 billion dollars.
Mark Zuckerberg, chief executive of Meta, is ranked third on the billionaires list with 269 billion dollars, followed by Bezos with 258 billion dollars.
The sharp rise in Oracle’s share price boosted Ellison’s fortune by 101 billion dollars after the company reported quarterly results that exceeded expectations, along with a positive forecast for the future.
Ellison’s net worth now stands at 393 billion dollars, compared with Musk’s 385 billion dollars, according to Bloomberg’s Billionaires Index.
This increase marks the largest one-day wealth gain ever recorded by the index.
Musk first reached the top of the list in 2021 but was later overtaken by Jeff Bezos and then Bernard Arnault, the head of luxury group LVMH.
However, Musk regained the title last year and held it for more than 300 consecutive days.
Ellison climbed to second place in July, fueled by Oracle’s rallying stock.
He co-founded the company and served as its chief executive until 2014, when he stepped down to become chairman and chief technology officer.
He owns more than 40 percent of Oracle, which represents the bulk of his wealth.
Oracle’s optimistic forecast has made it one of the major beneficiaries of the global surge in artificial intelligence.
The company revealed that in the current fiscal year it expects revenues of 18 billion dollars from its cloud infrastructure division, which drives Oracle’s AI operations.
This would represent unprecedented growth of 77 percent compared with the previous year, when the division reported revenues of 10 billion dollars.
Mark Zuckerberg, chief executive of Meta, is ranked third on the billionaires list with 269 billion dollars, followed by Bezos with 258 billion dollars.