Oracle co-founder Larry Ellison has dethroned Tesla CEO Elon Musk as the world’s richest person.
Ellison’s net worth grew a massive $101 billion Wednesday morning to $393 billion, surpassing Musk’s $385 billion fortune, according to Bloomberg.
The surge in Ellison’s wealth comes after Oracle’s stock soared 40 percent Wednesday. The company reported earnings late Tuesday, touting several multibillion-dollar contracts that are expected to result in $455 billion in future revenue.
“It was an astonishing quarter—and demand for Oracle Cloud Infrastructure continues to build,” Oracle CEO Safra Catz said in a statement.
Catz added that the cloud company plans to sign up several more multibillion-dollar customers in the next few months, which could push its remaining performance obligations above $500 billion.
She also laid out an ambitious forecast for Oracle’s cloud infrastructure division, with the company expecting a 77 percent increase in revenue to $18 billion in fiscal year 2026. It further anticipates cloud infrastructure revenue will grow to $32 billion, $73 billion, $114 billion and $144 billion over the following four years.
Musk, who has held the title of the world’s richest person for nearly a year, saw his net worth surge to a peak of $486 billion last December. However, his wealth declined significantly earlier this year, as his government work weighed heavily on his companies, most notably Tesla.
