Larry Ellison might beat Elon Musk to be world's richest
What's the story
Oracle co-founder and Chairman Larry Ellison is closing in on Elon Musk, the world's richest person. This comes after Oracle reported better-than-expected quarterly results and forecasted further growth. The news sent Ellison's net worth soaring by $70 billion to $364 billion, just a stone's throw away from Musk's $384 billion net worth according to Bloomberg Billionaires Index data.
Market impact
Ellison could break record for biggest 1-day gain
If Ellison's gain holds when trading begins in US today, it would mark the biggest one-day jump ever recorded by the Bloomberg Billionaires Index. The tech mogul, who co-founded Oracle and now serves as its Chairman and Chief Technology Officer, has most of his wealth tied to the database software company. Oracle's shares have already jumped 45% this year through Tuesday's close.
Stock performance
A look at Oracle's shares
Oracle's shares jumped over 26% in extended trading after the firm reported a huge jump in bookings and gave an aggressive outlook for its cloud business. This is Oracle's biggest single-day gain since 1999. In stark contrast, Musk's Tesla shares are down 14% this year, highlighting the divergent fortunes of their respective companies.
History
Musk's way to the top
Back in 2021, Musk became world's richest person for the first time before losing his title to Amazon's Jeff Bezos and LVMH's Bernard Arnault. He reclaimed it in 2024, and has now held the title for more than 300 days.