Oracle co-founder Larry Ellison has overtaken Tesla’s Elon Musk to claim the title of the world’s wealthiest individual, bringing an end to Musk’s nearly year-long dominance on the Bloomberg Billionaires Index.
According to Bloomberg, Ellison’s fortune soared by a record-breaking $101 billion on Wednesday after Oracle posted quarterly earnings that surpassed analysts’ expectations and pointed to continued momentum in its cloud computing division.
This historic surge pushed Ellison’s net worth to $393 billion, eclipsing Musk’s $385 billion. The 81-year-old’s gain represents the single largest one-day increase ever documented on Bloomberg’s index.
Oracle’s stock has already rallied 45% this year but experienced an additional 41% jump after the company announced strong customer bookings and a promising outlook for its cloud infrastructure business. Ellison, who currently serves as Oracle’s chairman and chief technology officer, holds most of his fortune in the company’s shares.
Musk, who first reached the top of the wealth rankings in 2021, reclaimed the position last year and maintained it for more than 300 days before being unseated once again. In the past, he has ceded the crown to Amazon founder Jeff Bezos and LVMH chairman Bernard Arnault.
Tesla, meanwhile, has seen its shares dip 13% this year. The company’s board has recently floated a massive pay package for Musk that, if realized, could make him the world’s first trillionaire.
