Oracle co-founder Larry Ellison has become the world richest person, overtaking Elon Musk after a dramatic increase in Oracle’s stock price
According to Bloomberg, Ellison’s net worth climbed by $101bn to $393bn following Oracle’s huge earnings report Tuesday evening. Musk now trails in second, with an estimated $385bn.
The turn was fueled by a growing demand for Oracle’s cloud and data center services, particularly from artificial intelligence companies.
Oracle CEO Safra Catz revealed the company had signed four multibillion-dollar contracts in the past quarter, with more expected in the months ahead.
Shares of Oracle jumped more than 40% by mid-morning Wednesday, marking one of the most extraordinary single-day gains ever for a company valued near $700bn.
Bloomberg noted Ellison’s wealth increase as the “largest one-day jump ever recorded” by its Billionaires Index, which will update after markets close.
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Mad shift woah