-
Oracle co-founder Larry Ellison’s net worth jumps to $405 billion in a single day.
-
Shares surge 39% after strong quarterly earnings and bullish AI-cloud outlook.
-
Musk’s fortune falls to $384 billion, ending nearly year-long top spot.
Larry Ellison, co-founder and CTO of Oracle Corp., has dethroned Elon Musk as the world’s richest individual after a historic surge in Oracle’s stock lifted his fortune by over $101 billion in a single day.
Oracle’s shares soared in after-hours trading on Tuesday following quarterly results showing strong sales and growth prospects in cloud infrastructure and artificial intelligence.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
The rally accelerated during Wednesday’s trading, pushing Oracle’s stock up more than 39 percent by late morning in New York.
READ ALSO: Elon Musk Cancels Twitter Deal
Ellison, who owns roughly 41 percent of Oracle’s stock, saw his net worth climb from about $294 billion to $405 billion as of 11 a.m. ET, according to Bloomberg’s Billionaires Index.
Musk, whose wealth has been impacted by a 13 percent decline in Tesla shares this year, now ranks second at approximately $384 billion.
This represents the single largest one-day increase ever recorded on Bloomberg’s wealth index, highlighting Oracle’s successful transformation from a legacy database provider to a major player in enterprise cloud and AI infrastructure.
At 81, Ellison claimed the title of the world’s richest man for the first time, ending Musk’s nearly year-long tenure at the top, a position he has held intermittently since 2021.
