Larry Ellison has overtaken Elon Musk as the world’s richest man after Oracle’s stock surged on AI-driven demand.
Oracle co-founder Larry Ellison has overtaken Elon Musk to become the world’s richest man, according to Bloomberg. The 81-year-old software magnate saw his fortune surge to $393 billion on Wednesday after Oracle’s stock soared by more than a third in minutes of trading.
The dramatic rise followed a blockbuster earnings report fueled by multibillion-dollar orders tied to the booming artificial intelligence market. Musk, who held the top spot for four years, is now valued at $385 billion, as Tesla’s stock has dropped 14% this year.
Ellison, a college dropout, co-founded Oracle in 1977 and remains its chairman and chief technology officer. Bloomberg’s ranking differs from Forbes, which still lists Musk at $439 billion, due largely to varying estimates of his private company SpaceX.
Ellison’s vast wealth, analysts noted, could theoretically support millions of American families for a year or equal South Africa’s GDP output.