Larry Ellison has surpassed Elon Musk as the world’s richest person after Oracle’s stock rally boosted his fortune by over $101 billion in a single day.
Oracle’s shares surged in after-hours trading Tuesday following strong quarterly earnings and a bullish outlook for its cloud infrastructure business.
The rally carried into Wednesday, pushing the stock up more than 39% by late morning in New York.
Ellison, Oracle’s co-founder and current chairman and chief technology officer, holds about 1.16 billion shares—roughly 41% of the company. His stake pushed his net worth to $405 billion as of 11 a.m. ET, according to the Bloomberg Billionaires Index, compared to Musk’s $384 billion.
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The $101 billion gain is the largest one-day increase ever recorded by Bloomberg’s wealth index, underscoring Oracle’s resurgence and Ellison’s pivotal role.
The 81-year-old billionaire began Tuesday with a net worth of $294 billion before Oracle’s earnings report triggered investor enthusiasm. His fortune jumped $70 billion in after-hours trading, extending to a record triple-digit gain after Wednesday’s market open.
The development ended Musk’s nearly year-long reign as the world’s wealthiest person. Tesla’s 13% stock decline this year has weighed on his fortune, while Ellison’s gains propelled him to the top spot for the first time.
