"Elon Musk briefly lost his title as the world's richest person to Larry Ellison, the co-founder of Oracle and an ally of US President Donald Trump. Ellison's wealth surged to $393bn (290bn) on Wednesday morning, surpassing Musk's $385bn (284bn), according to the Bloomberg Billionaires Index. The jump came after shares in Oracle, which make up a significant part of Ellison's fortune, soared more than 40%, boosted by the database software company's surprisingly rosy outlook for its cloud infrastructure business and artificial intelligence (AI) deals."
"Oracle has recently been propelled by growing demand for data centre infrastructure. The company projected as part of its quarterly earnings report on Tuesday that revenue from its cloud business will jump 77% this year, to $18bn, with further growth expected in the coming years. Oracle has reported a surge in demand among AI companies for its data centres, which helped push its stock dramatically higher."
Elon Musk briefly lost the title of world's richest person to Larry Ellison after Ellison's wealth rose to $393bn while Musk's was $385bn. Oracle shares climbed more than 40% on a strong outlook for cloud infrastructure and AI deals, though some gains later faded and Musk returned to first place. Tesla shares have fallen this year amid investor concerns about the US rollback of electric vehicle policies and consumer backlash to Musk's political involvement. Oracle projected cloud revenue would jump 77% to $18bn this year and reported increased demand from AI companies, signing four multibillion-dollar contracts. Ellison co-founded Oracle in 1977 and gained prominence in the 1990s.
Read at www.bbc.com
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