Larry Ellison, co-founder of Oracle, has overtaken Elon Muskas the world’s richest person after a surge in the software giant’s stock. According to the Bloomberg Billionaires Index, Ellison’swealth rose to $393 billion (£290bn) on Wednesday morning, surpassing Musk’s$385 billion (£284bn). Shares of Oracle reportedly soared by more than 40 percentafter the company issued an unexpectedly strong outlook for its cloudinfrastructure business and artificial intelligence (AI) deals. Ellison, 80, has built his fortune over five decades, withhis net worth largely tied to Oracle’s performance. The billionaire now topsthe global rich list for the first time. Musk, who had held the title for nearly a year, facessetbacks as Tesla’s share price continues to slump. The electric vehicle maker has been hit by investor concernsover the US President Donald Trump administration’s rollback of EV initiativesand consumer backlash to Musk’s political involvement. Despite the dip, Musk could still see his fortune rebound ifTesla’s board approves a proposed compensation package worth over $1 trillion(£740bn), tied to a series of ambitious growth targets. Meanwhile, Oracle’s momentum has been fuelled by risingdemand for data centre infrastructure. In its quarterly earnings report on Tuesday, the companyprojected a 77 percent jump in cloud revenue this year to $18 billion. The BBC reports that Safra Catz, Oracle’s chief executive,said the company recently signed four multibillion-dollar contracts with AIcustomers and expects more deals in the coming months.
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