NEW DELHI– Oracle Co-founder and Chief Technology Officer Larry Ellison has overtaken Tesla CEO Elon Musk to become the world’s richest person, thanks to a historic surge in Oracle’s stock price.
According to Forbes’ real-time billionaire rankings, Ellison’s net worth soared by $101 billion to reach $395.7 billion after Oracle shares rallied 41 percent on the New York Stock Exchange on Wednesday — the steepest one-day gain since 1992. Meanwhile, Musk’s fortune declined as Tesla’s stock dropped 14 percent this year.
Oracle’s rally came after the software giant issued an aggressive forecast for its cloud business, driven by the growing demand for artificial intelligence computing. The company’s market capitalization now stands at $947 billion.
Musk had held the top spot on the global wealth list for 300 days. He first became the world’s richest man in 2021, later losing and regaining the crown from Amazon founder Jeff Bezos and LVMH chairman Bernard Arnault.
At 80, Ellison continues to serve as Oracle’s chairman and CTO, nearly five decades after founding the company in 1977. He led Oracle as CEO until 2014, and his fortune remains closely tied to the company, whose stock had already gained 45 percent this year before Wednesday’s rally.
Looking ahead, Oracle has projected revenue growth of 12 to 14 percent in the second quarter, with cloud revenues expected to rise 32 to 36 percent. The company has also become a central player in the U.S. government’s push for AI development under President Donald Trump’s Project Stargate, working alongside OpenAI and SoftBank.
Ellison has been outspoken about his belief in AI’s transformative role, even suggesting it could usher in an era of constant monitoring designed to improve public behavior through real-time recording and reporting. (Source: IANS)
