Oracle’s Larry Ellison has overtaken Elon Musk as the world’s richest man after a surge in Oracle shares.
Oracle co-founder Larry Ellison has surpassed Tesla CEO Elon Musk to become the world’s richest man, according to the Bloomberg Billionaires Index.
Ellison’s net worth climbed to $393 billion (£290bn) on Wednesday after Oracle shares soared more than 40 percent, buoyed by strong growth projections for its cloud infrastructure and artificial intelligence ventures. Musk, whose wealth dropped to $385 billion (£284bn), lost the top spot after nearly a year amid Tesla’s share slump.
Investor unease over President Donald Trump’s rollback of electric vehicle initiatives and backlash to Musk’s political involvement has weighed heavily on Tesla’s value. However, Musk’s fortune could rebound if Tesla’s board approves a proposed compensation package worth over $1 trillion (£740bn).
Oracle, meanwhile, reported a 77 percent projected rise in cloud revenue this year, with CEO Safra Catz announcing four multibillion-dollar AI contracts already signed. Ellison, 80, now leads the global rich list for the first time.
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