Elon Musk’s nearly year-long dominance of the Bloomberg Billionaires Index has come to an end as Oracle co-founder Larry Ellison has overtaken Musk as the wealthiest person in the world.
According to Bloomberg, Ellison’s wealth increased by a record $101 billion on Wednesday following Oracle’s release of quarterly results that exceeded forecasts and indicated that its cloud business would continue to grow.
Larry Ellison’s wealth increases to $393 billion
His wealth increased to $393 billion, surpassing Musk’s current net worth of $385 billion.
The 81-year-old tech tycoon’s gains represent the largest one-day increase in Bloomberg’s index history.
After Oracle announced strong bookings and an optimistic outlook for its cloud infrastructure unit, the company’s shares, which had already increased 45 per cent this year, surged 41 per cent.
Most of Ellison’s wealth is invested in Oracle stock, where he holds positions as chairman and chief technology officer.
Musk’s emergence as the world’s richest man
Musk regained the title last year and held it for just over 300 days. In 2021, Musk was the richest person in the world for the first time.
In the past, LVMH CEO Bernard Arnault and Amazon CEO Jeff Bezos defeated him for the title.
This year, Tesla’s stock has dropped 13 per cent.
If Musk meets a number of lofty goals, the company’s board has suggested a huge compensation package that could make him the first trillionaire in history.