World's Richest Man: Larry Ellison Surpasses Elon Musk As Oracle Stock Skyrockets
Larry Ellison saw his fortune swell by a staggering $70 billion in just one day, after Oracle Corp. delivered an aggressive outlook for its cloud business that sent its shares skyrocketing.
The surge in Oracle shares on Wednesday lifted Larry Ellison's total net worth, helping him cross Elon Musk as the world's richest man, according to Bloomberg.
The chairperson and chief technology officer of Oracle’s fortune soared $101 billion as of 10:10 a.m. in New York on Wednesday, according to Bloomberg. The increase lifted his total fortune to $393 billion, surpassing Musk who is at $385 billion, according to the Bloomberg Billionaires Index.
This is the biggest one-day increase ever recorded by the index, claims Bloomberg.
This comes after Oracle's shares gained 41% on Wednesday. It’s the company’s largest single-day surge ever.
The 81-year-old billionaire saw his fortune swell by a staggering $70 billion on Tuesday, when Oracle Corp. delivered an aggressive outlook for its cloud business that triggered the skyrocketing surge in its stock.
On Tuesday, Oracle reported quarterly results that blew past Wall Street expectations and projected even stronger growth ahead. The announcement sent the company’s shares soaring more than 26% in extended trading — its biggest one-day gain since 1999.
In contrast to the tech company, Tesla Inc. shares have fallen 13% so far this year. However, if Musk meets the set of ambitious targets set by the board, he will get a massive pay package, making him the world's first trillionaire.
Ellison has become the world’s richest person for the first time, ending Musk’s nearly year-long reign in the top spot. Musk became the world’s richest person for the first time in 2021 but lost the title to Amazon.com Inc.’s Jeff Bezos and LVMH’s Bernard Arnault. However, he reclaimed it last year.
