Oracle co-founder Larry Ellison overthrew Elon Musk to become the world’s wealthiest, ending nearly a year of domination by Tesla bosses at the top of the Bloomberg Billionaire Index.
Bloomberg reported that Ellison’s wealth hit a record $100.1 billion on Wednesday after Oracle reported quarterly results, which exceeded expectations and indicated further growth in its cloud business.
This increase raised his wealth to $39.3 billion, putting him ahead of Musk, whose net worth is now $3.85 billion.
The 81-year-old tech billionaire’s earnings mark the biggest day-to-day hop on the Bloomberg Index.
Oracle’s stock has risen 45% this year, soaring 41% after the company announced strong bookings and optimistic outlook for its cloud infrastructure units.
Ellison serves as Oracle’s chairman and chief technology officer, and he owns most of the wealth in the company’s stock.
Musk, who first became the richest man in the world in 2021, regained the title last year and kept it for more than 300 days.
He lost his crown before at Amazon and LVMH boss Bernard Arnault.
Tesla shares fell 13% this year.
The company’s board of directors offers Musk a huge compensation plan, which could make him the world’s first multimillionaire if he reaches a range of ambitious goals.
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