Larry Ellison has overtaken Elon Musk to become the world’s richest man, following a record-breaking surge in his fortune.
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The 81-year-old Oracle co-founder saw his net worth balloon by an unprecedented $101 billion in a single day, after Oracle’s stock price soared nearly 40% on stronger-than-expected earnings and an optimistic growth outlook.
According to the Bloomberg Billionaires Index, Ellison’s wealth now stands at $393 billion, edging out Musk’s $385 billion.
Larry Ellison co-founded Oracle in 1977 alongside Bob Miner and Ed Oates, building it into one of the world’s most powerful software companies. He served as CEO until 2014 but remains its largest shareholder, holding about 41% of Oracle’s stock a stake worth over a trillion dollars at current valuations.
A college dropout who moved to California in the 1960s, Ellison is known for his lavish lifestyle. He owns an island in Hawaii, collects yachts and watches, and has invested in Tesla, Salesforce, and even served on Apple’s board at one time. His son, David Ellison, is set to take over Paramount after its merger with Skydance Media.
Larry Ellison is also a philanthropist, having signed the Giving Pledge in 2010 to donate 95% of his wealth during his lifetime. In 2016, he contributed $200 million to the University of Southern California to fund a cancer treatment center.
Before Oracle’s stock rally, Musk maintained a comfortable lead with a net worth of $384 billion. But the sharp rise in Oracle’s shares—up almost 40% as of Wednesday morning—catapulted Ellison ahead.
With around 1.16 billion shares in Oracle, Ellison’s fortune surged to $393 billion by late morning in New York, securing his place at the very top of the global wealth rankings.
For the first time, the crown of world’s richest man rests with Larry Ellison.
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