Elon Musk is no longer the "world's richest person." That title now belongs to Larry Ellison, cofounder and chairman of the technology company Oracle.
According to Bloomberg's Billionaires Index, Ellison’s wealth jumped to $393 billion — a $101 billion gain overnight — on Wednesday morning after the company's strong earnings report, surpassing Musk’s net worth of $385 billion.
Shares for Oracle, which has been pushing its artificial intelligence capabilities, were up 40% on Wednesday morning to $338.
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Oracle's CEO Safra Catz announced Tuesday that the company signed four multibillion-dollar contracts with customers during the quarter, and she expects to sign several more in the coming months.
Musk was first titled "world's richest person" in 2021 when his net worth surpassed Jeff Bezos' with $185 billion at the time.
Following Ellison and Musk in the net worth power rankings are Meta founder Mark Zuckerberg ($269 billion), Amazon founder Jeff Bezos ($258 billion) and Google co-founders Larry Page ($210 billion) and Sergey Brin ($196 billion), according to Bloomberg's Billionaires Index.
Oracle was founded in 1977 by Ellison, Bob Miner and Ed Oates in California. What began as a consultancy transformed into the fourth-largest technology company in the world.
According to CNBC, 81-year-old Ellison remains active as Oracle's chief technology officer.
Oracle has broadened its portfolio over time, most recently with the acquisition of health care company Cerner. CNBC said Ellison also helped his son, David, in the recent merger of his company, Skydance, with Paramount Global, which is the parent company for media networks like CBS.
