Oracle co-founder Larry Ellison has become the world’s richest person for the first time, surpassing Elon Musk after an unprecedented surge in his fortune. Ellison’s net worth jumped by a record $101 billion in a single day, driven by a historic rally in Oracle Corp.’s stock following blockbuster quarterly results.
As of mid-morning Wednesday in New York, Ellison’s fortune reached $393 billion, edging past Musk’s $385 billion, according to the Bloomberg Billionaires Index. The one-day increase marks the largest gain ever recorded by the wealth tracker. At 81, Ellison continues to serve as Oracle’s chairman and chief technology officer, with the bulk of his wealth tied to the software giant.
Oracle shares, which had already climbed 45 percent this year, soared an additional 41 percent on Wednesday—its steepest single-day rally in history. The company reported a sharp rise in bookings and delivered an optimistic outlook for its cloud infrastructure business, ending Musk’s nearly year-long reign as the world’s wealthiest individual.
