Larry Ellison, co-founder of Oracle, has overtaken Elon Musk as the world’s richest person after a surge in the software giant’s stock.
According to the Bloomberg Billionaires Index, Ellison’s wealth rose to $393 billion (£290bn) on Wednesday morning, surpassing Musk’s $385 billion (£284bn).
Shares of Oracle reportedly soared by more than 40 percent after the company issued an unexpectedly strong outlook for its cloud infrastructure business and artificial intelligence (AI) deals.
Ellison, 80, has built his fortune over five decades, with his net worth largely tied to Oracle’s performance. The billionaire now tops the global rich list for the first time.
Musk, who had held the title for nearly a year, faces setbacks as Tesla’s share price continues to slump.
The electric vehicle maker has been hit by investor concerns over the US President Donald Trump administration’s rollback of EV initiatives and consumer backlash to Musk’s political involvement.
Despite the dip, Musk could still see his fortune rebound if Tesla’s board approves a proposed compensation package worth over $1 trillion (£740bn), tied to a series of ambitious growth targets.
Meanwhile, Oracle’s momentum has been fuelled by rising demand for data centre infrastructure.
In its quarterly earnings report on Tuesday, the company projected a 77 percent jump in cloud revenue this year to $18 billion.
The BBC reports that Safra Catz, Oracle’s chief executive, said the company recently signed four multibillion-dollar contracts with AI customers and expects more deals in the coming months.
