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Larry Ellison, co-founder of Oracle, has overtaken Elon Musk to become the world’s richest individual after a surge in the software giant’s share price.
According to the Bloomberg Billionaires Index, Ellison’s fortune climbed to $393 billion (£290bn) on Wednesday, eclipsing Musk’s $385 billion (£284bn). It is the first time the 80-year-old businessman has topped the global wealth rankings.
Oracle’s stock rose by more than 40 per cent after the company issued a robust forecast for its cloud infrastructure operations and secured several major artificial intelligence contracts. The firm now expects cloud revenue to rise 77 per cent this year to $18 billion.
Safra Catz, Oracle’s chief executive, said the company had signed four multibillion-dollar deals with AI clients and anticipated further agreements.
Musk, who led the list for nearly a year, has seen his wealth fall alongside Tesla’s declining stock. The electric carmaker has been hit by investor concerns over President Donald Trump’s rollback of EV incentives and backlash to Musk’s political activities.
Despite the setback, Musk’s fortune could rebound if Tesla’s board approves a proposed compensation package worth more than $1 trillion (£740bn), tied to ambitious growth milestones.
