Larry Ellison, co-founder of Oracle, has overtaken Elon Musk
as the world’s richest person after a surge in the software giant’s stock.
According to the Bloomberg Billionaires Index, Ellison’s
wealth rose to $393 billion (£290bn) on Wednesday morning, surpassing Musk’s
$385 billion (£284bn).
Shares of Oracle reportedly soared by more than 40 percent
after the company issued an unexpectedly strong outlook for its cloud
infrastructure business and artificial intelligence (AI) deals.
Ellison, 80, has built his fortune over five decades, with
his net worth largely tied to Oracle’s performance. The billionaire now tops
the global rich list for the first time.
Musk, who had held the title for nearly a year, faces
setbacks as Tesla’s share price continues to slump.
The electric vehicle maker has been hit by investor concerns
over the US President Donald Trump administration’s rollback of EV initiatives
and consumer backlash to Musk’s political involvement.
Despite the dip, Musk could still see his fortune rebound if
Tesla’s board approves a proposed compensation package worth over $1 trillion
(£740bn), tied to a series of ambitious growth targets.
Meanwhile, Oracle’s momentum has been fuelled by rising
demand for data centre infrastructure.
In its quarterly earnings report on Tuesday, the company
projected a 77 percent jump in cloud revenue this year to $18 billion.
The BBC reports that Safra Catz, Oracle’s chief executive,
said the company recently signed four multibillion-dollar contracts with AI
customers and expects more deals in the coming months.
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