Ellison’s fortune increased by $89 billion after Oracle reported a quarter that beat analysts’ expectations and announced prospects for further growth.
As a result, his total wealth reached $383.2 billion, according to the Bloomberg Billionaires Index. It was the largest single-day wealth gain on record and allowed Ellison to edge past Musk for much of the day before the Tesla CEO regained the lead by just $1 billion.
Musk, 54, first became the world’s richest person in 2021, but later lost the title to Jeff Bezos of Amazon.com Inc. and Bernard Arnault of LVMH. He regained the top spot last year and held it for more than 300 days.
Ellison, 81, co-founder of Oracle and now chairman and chief technology officer of the company, holds most of his capital in shares of the database software maker.
Oracle shares, up 45% year-to-date through Tuesday’s close, jumped another 36% on Wednesday after the company reported a surge in orders and gave an upbeat outlook for its cloud business, marking its biggest one-day gain since 1992 and adding $97 million to CEO Safra Katz’s fortune.
Tesla shares, by contrast, are down 14% since the start of the year. The company’s board of directors has offered Musk a massive compensation package that could make him the world’s first trillionaire if he successfully achieves a number of ambitious goals.
Source: Reuters