Elon Musk can no longer stake his claim as the richest person on Earth … the distinction now belongs to Larry Ellison.
The Tesla honcho lost his title during early morning trading Wednesday, when Larry’s net worth surged on the strength of his company, Oracle, which saw its stock price jump dramatically.
Larry’s fortune skyrocketed $101 billion to a whopping $393 billion … thanks to a strong earnings report Tuesday evening from Oracle.
Elon’s net worth, according to Bloomberg, is a paltry $385 billion … meaning Musk is now looking up when it comes to the billionaire’s index. Oh, the horror.
Larry’s accumulating tons of wealth thanks to artificial intelligence … the rapid rise in Oracle stock is being primarily fueled by Oracle reporting huge demand for cloud services and four multibillion-dollar contracts with big AI companies like OpenAI and Nvidia.
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Oracle stock is up 40% Wednesday … and it’s a huge windfall for Larry, who is the largest individual shareholder.
Bloomberg says Larry’s $101 billion gain is the biggest one-day increase on record.
Don’t shed a tear for Elon … he’s largely held on to the title as world’s richest person since 2021, mainly due to his Tesla and SpaceX stock.
Elon had only lost the top spot, albeit briefly, to Bernard Arnault and Jeff Bezos … but now Larry’s the king of the hill … and it will be interesting to see how long he holds on as the world’s richest.
