Larry Ellison Is No Longer World's Richest Man, Loses Top Spot To Elon Musk
Ellison's net worth had reached as much as $395 billion just 40 minutes into Wednesday's trade, when Oracle Corp shares gain as much as 41% — its highest single-day surge ever.
After an eventful Wednesday that saw Larry Ellison become the darling of Wall Street, the Oracle chairperson is no longer the richest person in the world, having slipped below Elon Musk. Ellison's net worth as of Thursday morning stands at $383 billion, compared to Elon Musk's $384 billion, as per the Bloomberg Billionaires Index.
Ellison's net worth briefly soared to about $395 billion just 40 minutes into Wednesday's trade, as Oracle Corp. shares gained as much as 41% — the highest single-day surge in the company's history.
However, the stock eventually closed with gains of almost 36%, which reduced Ellison's total wealth to $383 billion, behind Elon Musk. EV giant's Tesla shares largely traded flat on Wednesday.
This means Ellison was the richest man in the world for a total of around six hours. At market close, he trailed Musk in the Bloomberg Billionaires Index. In total, Ellison's wealth surged $88 billion in one day, and on a year-to-date basis, his total wealth has gone up by $191 billion.
In contrast, Musk's wealth has stagnated $48 billion on a year-to-date basis. On Wednesday, his wealth rose by half a billion, thus helping the Tesla co-founder remain on top.
Musk first became the richest person in the world in 2021, but was overtaken by the likes of Jeff Bezos and Bernard Arnault. However, he reclaimed the position last year.
