Oracle co-founder Ellison overtakes Musk in list of world's richest people

The fortune of Oracle co-founder Larry Ellison grew by $101 billion to $393 billion, allowing him to overtake American billionaire, SpaceX founder and Tesla CEO Elon Musk in the list of the world's richest people. This is reported by Bloomberg, according to UNN.

Larry Ellison became the richest person in the world for the first time, ending Elon Musk's nearly year-long reign at the top. As of 10:10 AM in New York, Ellison's fortune grew by $101 billion after Oracle Corp published quarterly results that exceeded Oracle's expectations for large deals with OpenAI, Nvidia Fuel Cloud Turnaround and announced further growth.

It is noted that the increase in Ellison's fortune to $393 billion allowed him to surpass Musk, whose fortune is estimated at $385 billion. This is the largest one-day increase ever recorded by the index.

Musk first became the richest person in the world in 2021, before losing the title to Jeff Bezos of Amazon.com Inc and Bernard Arnault of LVMH. He regained it last year and held it for just over 300 days.

Oracle shares, which had already risen 45% this year by the close of trading on Tuesday, soared 41% on Wednesday after the company reported a significant increase in orders.

Tesla Inc shares, on the other hand, have fallen 13% this year.

Recall

In July, it was reported that Larry Ellison for the first time took second place among the world's richest people, surpassing Mark Zuckerberg. This happened after the growth of Oracle Corp shares, which increased his fortune to $251.2 billion.