Oracle co-founder Larry Ellison surpassed Tesla CEO Elon Musk and won the title of richest man in the world on Wednesday (10).
The 81 -year -old executive benefited from the growth of Oracle’s cloud infrastructure business, especially this week, when the company announced that it has won several billionaire contracts in the last quarter.
Ellison, who founded Oracle in the 1970s and still acts as Director of Technology and CEO, has seen her fortune fires in the last 24 hours to $ 393 billion, exceeding $ 385 billion musk, according to the Bloomberg Billionaires Index.
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The leap occurred after Oracle’s actions rose two digits at the closing of Tuesday, raising Ellison’s fortune to $ 101 billion overnight. On Wednesday, the papers continued to rise, advancing more than 40% in morning negotiations. In the accumulated of the year, Oracle’s shares have already doubled in value. Ellison has more than 40% of the company, and much of her wealth is linked to her, according to Bloomberg.
Oracle has benefited from major infrastructure investments to act as a cloud service provider, with high demand from artificial intelligence companies since the launch of ChatgPT in 2022, which triggered a race for the development of advanced language models (LLMs).
In the last quarter, the company said it had closed contracts that should generate $ 455 billion in revenue – a significant leap from the previous year, according to the Wall Street Journal. CEO Safra Catz said that by the end of the year more multibillionaire customers should sign with the company.
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In recent months, the appreciation of Oracle’s actions had already placed Ellison ahead of Mark Zuckerberg, CEO of Goal and Facebook founder, who ranked second behind Musk. Prior to that, Musk had won the title of richest man in the world for the first time in 2021, and was later surpassed by Jeff Bezos of Amazon and Bernard Arnault of LVMH. Musk recovered the lead in 2024 and kept it for about 300 days, according to the Bloomberg.
While Oracle’s actions shoot, Tesla’s roles fall. The electric car manufacturer accumulates 13% drop in the year, and its market share in the United States has reached the lowest level since 2017, according to Reuters, with data from the consulting firm Cox Automotive.
Still, there may be hope for Musk. Last week, Tesla’s advice proposed a remuneration package that could make it the world’s first trillionaire-as long as it reaches ambitious goals, such as multiplying the company’s value in the next ten years.
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