By: Chioma Madonna Ndukwu
Larry Ellison Becomes World’s Richest Person, Overtakes Elon Musk
Oracle co-founder Larry Ellison has passed Elon Musk to become the world’s richest person after a surge in Oracle’s stock price boosted his fortune.
Bloomberg’s Billionaires Index placed Ellison slightly ahead of Musk on Wednesday, valuing his wealth at about $395 billion. The jump followed Oracle’s strong earnings report and forecasts of massive growth in its cloud and artificial intelligence businesses.
Forbes, however, still ranks Musk higher at around $440 billion, based largely on his stakes in Tesla and SpaceX. But Tesla’s stock has fallen this year due to weak sales and investor unease over Musk’s political activities.
Ellison, 81, holds more than 40 percent of Oracle shares. The company’s stock rose over 36 percent to $328.58, raising its market value to nearly $920 billion.
Oracle said its cloud revenue could rise from $18 billion this year to $144 billion in the next few years, thanks to multibillion-dollar contracts signed with major AI firms.
Speaking to investors, Ellison predicted that Oracle would become a key player in “AI inferencing,” the process that powers automation in industries like healthcare, law, and finance. Chief executive Safra Catz described the quarter as “astonishing,” citing record deals with global clients.
Ellison and Musk are longtime allies. Ellison invested in Musk’s $44 billion Twitter takeover and served on Tesla’s board for several years.
Musk, however, may regain ground if Tesla shareholders approve a proposed pay package that could give him more than $1 trillion in future compensation, depending on the company’s performance targets.
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