Oracle co-founder Larry Ellison has become the world’s richest person, surpassing Elon Musk after a dramatic surge in Oracle’s stock price.
According to Bloomberg, Ellison’s net worth soared by $101 billion to $393 billion following the company’s blockbuster earnings report on Tuesday evening. Musk now sits in second place with an estimated $385 billion.
The jump in fortune was driven by skyrocketing demand for Oracle’s cloud and data center services, particularly from artificial intelligence companies.
Oracle CEO Safra Catz announced that the company had signed four multibillion-dollar contracts in the last quarter, with more deals expected in the coming months.
Oracle shares surged more than 40% by mid-morning Wednesday, one of the most remarkable single-day gains ever for a company valued near $700 billion.
Bloomberg described Ellison’s $101 billion wealth boost as the “largest one-day jump ever recorded” on its Billionaires Index, which will reflect the update after markets close.
