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Larry Ellison Overtakes Elon Musk as World’s Richest Person

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Larry Ellison Overtakes Elon Musk as World's Richest Person
Larry Ellison Overtakes Elon Musk as World's Richest Person
MarieBy

Larry Ellison Overtakes Elon Musk as World’s Richest Person

By Marie

Oracle co-founder Larry Ellison has surpassed Elon Musk as the world’s richest person, with a net worth of $393 billion. This shift in wealth rankings comes after Oracle’s remarkable quarterly earnings report, which delivered a bullish outlook for its cloud and artificial intelligence business, sending the company’s stock soaring 41% in a single day, its largest one-day gain since 1992.

The significant jump in Oracle’s stock price added $101 billion to Ellison’s wealth, marking the largest single-day gain ever recorded by the Bloomberg Billionaires Index. The company’s impressive quarterly results revealed a 12% increase in revenue to $14.9 billion, with cloud revenue growing 28% to $7.2 billion. Oracle’s future performance obligations also skyrocketed 359% to $455 billion, signaling massive demand ahead Also Read: Oil Prices Surge Following Israeli Strike on Hamas Leaders in Qatar

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