Oracle’s Larry Ellison Surpasses Elon Musk To Become World’s Richest Person

An Oracle co-founder, Larry Ellison, on Wednesday reached a historic milestone, claiming the top spot in the global wealth rankings for the first time in his career by knocking off Tesla’s CEO, Elon Musk.The 81-year-old tech mogul overtook Mr. Musk following a surge in Oracle’s stock price that added an unprecedented $101 billion to his fortune in a single trading day.According to the Bloomberg Billionaires Index, Mr. Ellison’s net worth reached $393 billion as of 10:10 a.m. in New York, surpassing Mr. Musk’s $385 billion. The figure represents the largest single-day wealth increase ever recorded by the index.The dramatic shift came after Oracle Corporation delivered exceptional quarterly results far exceeding Wall Street’s expectations. The database software giant’s stock soared as much as 41 percent on Wednesday, marking the company’s largest single-day surge in its history. Oracle shares had already gained 45 percent year-to-date through Tuesday’s close before the remarkable jump.Mr. Musk’s time at the summit of global wealth was relatively short-lived. The billionaire entrepreneur first claimed the world’s richest person title in 2021 before losing it to Amazon’s Jeff Bezos and LVMH’s Bernard Arnault. He reclaimed the position last year and maintained it for just more than 300 days.The contrast between the two tech titans’ current trajectories is stark. While Oracle’s stock has been on a meteoric rise, Tesla shares have declined 13 percent this year, reflecting investor concerns about the electric vehicle market’s competitive landscape and growth prospects.Mr. Ellison, who serves as Oracle’s chairman and chief technology officer, has the majority of his vast wealth tied to the database software company he co-founded decades ago. The recent surge was driven by Oracle’s impressive bookings growth and an aggressive outlook for its cloud infrastructure business, positioning the company to capitalize on the ongoing digital transformation across industries.Tesla is a different animal. Despite the car company’s recent struggles, the company’s board has proposed an ambitious compensation package for Mr. Musk that could potentially make him the world’s first trillionaire if he meets a series of challenging performance targets.

Oracle’s Larry Ellison Surpasses Elon Musk To Become World’s Richest Person

More from the New York Sun

Italy Cancels Kanye West Appearance as Rapper’s European Tour Starts Strong in Turkey, Whose Leader is Avowed Israel Hater

‘The Wizard of the Kremlin’ Squanders Its Account of the Rise of Vladimir Putin

Beijing Loves Hegseth’s Conciliatory Tone at Shangri-La, Forecasting New Trans-Pacific Relationship

More from the New York Sun

Italy Cancels Kanye West Appearance as Rapper’s European Tour Starts Strong in Turkey, Whose Leader is Avowed Israel Hater

‘The Wizard of the Kremlin’ Squanders Its Account of the Rise of Vladimir Putin

Beijing Loves Hegseth’s Conciliatory Tone at Shangri-La, Forecasting New Trans-Pacific Relationship

World’s First Human Trial Begins for Revolutionary Tooth-Regrowing Drug

Debbie Wasserman Schultz Accused of ‘Carpetbagging’ as She Eyes Run in Largely Black District

Former Pentagon Official Claims Newly Released Documents Confirm Recovery of ‘Non-Human’ Materials

WHO Chief Arrives at DRC’s Ebola Epicenter Promising All Necessary Assistance

Becerra Maintains Lead in California Governor’s Race as Primary Nears