Larry Ellison, Oracle co-founder, has toppled Elon Musk to become the world’s richest person, ending the Tesla boss’s nearly year-long reign at the top of the Bloomberg Billionaires Index.
According to Bloomberg, Ellison’s fortune surged by a record $101bn on Wednesday after Oracle reported quarterly results that beat expectations and signalled further growth in its cloud business.
The increase lifted his wealth to $393bn, putting him ahead of Musk, whose net worth now stands at $385bn.
The 81-year-old tech billionaire’s gains mark the biggest one-day jump ever recorded on Bloomberg’s index.
Oracle’s shares, which had already risen 45 per cent this year, soared 41 per cent after the company announced strong bookings and an upbeat outlook for its cloud infrastructure unit.
Ellison, who serves as chairman and chief technology officer of Oracle, holds the bulk of his fortune in the company’s stock.
Photo: Bloomberg