Ellison tops Musk as world’s richest man after $101 bn gain

Larry Ellison has become the world’s richest person for the first time, ending Elon Musk’s nearly year-long reign at the top. Ellison’s fortune increased by $101 billion as of 10:10 a.m. in New York, after Oracle Corp. posted quarterly results that exceeded market expectations and signaled stronger growth ahead, according to information. With this surge, his total wealth reached $393 billion, surpassing Musk, whose net worth now stands at $385 billion, according to available information. The $101 billion leap marks the biggest one-day wealth increase ever recorded. Musk, who first claimed the title of the world’s richest person in 2021 before ceding it to Amazon’s Jeff Bezos and LVMH’s Bernard Arnault, had regained the crown last year and maintained it for just over 300 days. 
Ellison, 81, co-founded Oracle and continues to serve as its chairman and chief technology officer. The bulk of his wealth remains tied to the database software giant. Oracle’s stock, which had already risen 45% this year through Tuesday’s close, soared an unprecedented 41% on Wednesday after the company reported a significant rise in bookings and issued an aggressive outlook for its cloud infrastructure business. It was the company’s largest single-day surge in history.
Meanwhile, Tesla Inc. shares have declined 13% so far this year. The company’s board has proposed a massive pay package for Musk, which, if he manages to achieve a series of ambitious targets, could eventually make him the world’s first trillionaire.