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Larry Ellison briefly surpassed Elon Musk to become the world’s richest person Wednesday after a jump in Oracle Corp. shares added a record amount to his fortune.
Ellison’s wealth soared $89 billion after Oracle reported quarterly results that surpassed analysts’ expectations and said there’s more growth to come.
The increase lifted his total net worth to $383.2 billion, according to the Bloomberg Billionaires Index. It’s the biggest one-day increase ever recorded, and put him ahead of Musk for much of the day before the Tesla Inc. CEO edged back into pole position by $1 billion.
Musk, 54, became the world’s richest person for the first time in 2021 before losing the title to Jeff Bezos of Amazon and LVMH’s Bernard Arnault. He reclaimed it last year and has held it for just over 300 days.
Ellison, 81, who co-founded Oracle and is now chairman and chief technology officer, has the bulk of his net worth tied up in the database software company.
Oracle’s shares, which had already gained 45% this year through Tuesday’s close, surged 36% Wednesday after the company posted a major increase in bookings and gave an aggressive outlook for its cloud infrastructure business. It’s the company’s largest single-day gain since 1992, and also added $97 million to Chief Executive Officer Safra Catz’s net worth.
Shares of Tesla, by contrast, are down 14% this year. The company’s board has proposed a massive pay package for Musk that, if he succeeds in meeting a series of ambitious targets, could make him the world’s first trillionaire.
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