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Larry Ellison is closing in on Elon Musk for the title of world's richest person
A surge in Oracle's share price after quarterly results lifted Larry Ellison's total net worth to $364 billion, as compared to Elon Musk's $384 billion.
Larry Ellison now has a net worth that rivals that of Elon Musk, the world’s richest person, on divergent fortunes for their companies.
His fortune soared $70 billion after Oracle Corp. reported quarterly results that surpassed expectations and said there’s more growth to come. The increase lifted his total net worth to $364 billion, within striking distance of Musk who sits at $384 billion, according to the Bloomberg Billionaires Index.
If Ellison’s gain remains when trading begins on Wednesday, it’ll be the biggest one-day increase ever recorded by the index.
Musk became the world’s richest person for the first time in 2021 before losing the title to Amazon.com Inc.’s Jeff Bezos and LVMH’s Bernard Arnault. He reclaimed it last year and has now held it for just over 300 days.
Ellison, 81, who co-founded Oracle and is now chairman and chief technology officer, has the bulk of his net worth tied up in the database software company.
Oracle’s shares, which had already gained 45% this year through Tuesday’s close, soared more than 26% in extended trading after the company posted a major increase in bookings and gave an aggressive outlook for its cloud business. It’s the company’s largest single-day surge since 1999.
Shares of Musk’s Tesla Inc., by contrast, are down 14% this year.
