Larry Ellison, co-founder of Oracle, has become a potential candidate to win the world’s richest man title, surpassing Elon Musk following a $70 billion surge in wealth.
The unexpected boom in Ellison’s fortune came on the heels of Oracle Crop’s surging stocks of more than 25 percent on Tuesday.
The revenue windfall has increased its total wealth to US $364 billion, edging closer to US $384, which is the total fortune of Tesla’s CEO Elon Musk as reported by the Bloomberg Billionaires Index.
Oracle’s shares also rose more than 26 percent in extended trading after the company witnessed an increase in bookings, uplifting the future revenue perspectives. Since 1999, this marks the company’s biggest single-day surge.
"We expect Oracle Cloud Infrastructure revenue to grow 77% to $18 billion this fiscal year — and then increase to $32 billion, $73 billion, $114 billion, and $144 billion over the subsequent four years," said CEO Safra Catz.
On the contrary, the shares of Musk’s Tesla contracted by 14 percent this year.
SpaceX owner Elon Musk has become the world’s wealthiest person in 2021 for the very first time. Afterwards, he lost the title to Amazon’s Jeff Bezos and LVMH’s Bernard Arnault.
Musk regained the richest title in 2024 and now has held it for just over 300 days.
