Larry Ellison ends Elon Musk’s nearly year long title as the world’s richest man. Larry is the current richest person on earth at this moment.
The co-founder of Oracle earned the title for the first time after earning over $100 billion in a single night due to his stocks.
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His net worth moved from $292 billion to $393 billion after Oracle’s stock gained 40% on Wednesday morning due to a blowout the night before.
Ellison earned $101 billion from the hike in profits which gave him the edge over Elon Musk whose net worth sits at $385 billion.
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As the biggest shareholder of Oracle (41%), he is profiting as the cloud business is currently in high demand from companies like OpenAI, Nvidia, and xAI.
Oracle reported a $455 billion backlog in AI services demand and forecast cloud revenue shooting from $18 billion this year to $144 billion by 2030.
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Elon, who has been holding the top spot for nearly a year lost lots of money this year mostly due to his involvement in politics.
His political ambition and position cosg Tesla’s shares dipped 14% this year amid sales slumps and drama from the White House.
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According to Bloomberg, this is how the richest people in the world are looking now;
- Larry Ellison $393 billion
- Elon Musk $385 billion
- Mark Zuckerberg $269 billion
- Jeff Bezos $258 billion
- Larry Page $210 billion
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