Oracle co-founder becomes world’s richest person for first time, briefly overtaking Elon Musk
Larry Ellison, co-founder of the American IT giant Oracle, briefly surpassed billionaire Elon Musk to become the world’s richest individual, according to Kazinform News Agency.
According to the Bloomberg Billionaires Index, a surge in Oracle’s stock during trading on September 10 boosted Ellison’s net worth by nearly $100 billion, marking the largest single-day capital gain in history. The spike followed Oracle’s quarterly earnings report, which exceeded market expectations, and was further fueled by the company’s AI cloud revenue forecast, driving the stock price up by 41%.
With 41% ownership of Oracle’s stock, Bloomberg estimated Ellison’s total net worth at $393 billion, making him nearly $13 billion richer than Elon Musk. However, by the end of Wednesday, Musk regained the top spot due to a slight setback in Oracle’s stock prices. According to Bloomberg, Ellison’s net worth was then estimated at $383 billion, while Musk’s was $384 billion.
This dramatic rise came shortly after the world’s wealthiest individuals collectively lost $208 billion overnight, following President Donald Trump’s announcement of plans to introduce new tariffs.
Earlier, it was reported that Pavel Durov made his debut in the Bloomberg Billionaires Index.