Outlook Business Desk
Larry Ellison, co-founder and Chief Technology Officer (CTO) of Oracle, became the world’s richest person on 10 September, overtaking Tesla CEO Elon Musk after his net worth surged by $101 billion in a single day, reported Bloomberg.
Larry Ellison’s wealth surged by $101 billion in a single day, marking the largest increase ever tracked by the Bloomberg Billionaires Index. This jump raised his total net worth to $393 billion, surpassing Elon Musk’s $385 billion as of 10 September.
According to the report , most of Larry Ellison’s wealth comes from his stake in Oracle, the software company he established in 1977. He also led the company as Chief Executive Officer (CEO) until stepping down in September 2014.
Elon Musk, who held the title of the world’s richest person since 2021, temporarily lost it to amazon co-founder Jeff Bezos and LVMH CEO Bernard Arnault. He reclaimed the top spot in 2024, but Larry Ellison’s recent surge has reshaped the billionaire rankings.
Under Ellison’s guidance, Oracle grew into a global leader in enterprise database software and later expanded into cloud computing and artificial intelligence (AI). He is also a prominent investor in real estate, aviation, and media.
Meanwhile, Oracle shares climbed more than 40% to $338.53 during Tuesday’s intraday trading after the company reported quarterly results that surpassed market expectations. The previous close was $241.51, highlighting strong investor confidence in Oracle’s performance.
Oracle’s growth has also been propelled by its strong focus on cloud infrastructure and AI . The company anticipates a 77% rise in cloud revenue this year, aiming for $18 billion from this division alone, driven by booming demand for AI solutions.
Analysts highlight that the rapid growth of AI-powered applications is a major factor behind Oracle’s success. The company is witnessing unprecedented interest in its data centers, particularly from AI developers and enterprise clients deploying generative AI technologies.
Oracle closed four multibillion-dollar deals in the most recent quarter, with additional agreements anticipated. CEO Safra Catz highlighted during the earnings call that demand for the company’s cloud and AI infrastructure continues to grow rapidly, strengthening its enterprise presence.