Larry Ellison has surpassed Musk as the world’s richest person after Oracle stock is up more than 40% on AI-driven growth.
Oracle Chairman Larry Ellison is having a good morning.
Oracle’s stock is up more than 42% on Wednesday, thanks to an earnings call on Tuesday that left investors stunned.
The company missed earnings and revenue estimates, but the forward looking guidance alone was apparently good enough to get investors to rally around it. A bulk of that reaction had to do with the revenue that AI computing demand was expected to bring to Oracle’s cloud infrastructure service.
The shares skyrocketed in response. Oracle’s stock is now on pace to have its largest single session surge since the dot-com boom, according to CNBC.
With the current surge in shares, Ellison has increased his wealth by more than $100 billion, thanks to the roughly 1.16 billion shares he owns. This meteoric rise grabbed him the title of the richest person on Earth from the former title holder, Elon Musk, according to the Bloomberg Billionaires Index.
As of Tuesday, Ellison’s current total fortune was worth $295 billion, having increased by $100 billion in worth in just the past year. Today’s additional increase has catapulted him to a staggering $389 billion, surpassing Elon Musk’s whopping $384 billion fortune.
Musk was first named the richest man in the world in 2021, and has since been up and down on the list.
