"Ellison's wealth has surged after the company, in which he owns a stake of 41%, reported better than expected financial results. Oracle shares rose by more than 40% in early trading to $340 a share, valuing the business software company at $958bn (707bn) and Ellison's stake at $393bn, just ahead of Musk's fortune of $384bn, according to Bloomberg's billionaires index. The jump in the shares is the company's largest single-day increase ever and the biggest ever one-day wealth increase on the Bloomberg index."
"Ellison also has other sources of wealth, including a stake in electric carmaker Tesla, where Musk is chief executive, a sailing team, the Indian Wells Open tennis tournament, and an island in Hawaii, according to Bloomberg. Musk, an antagonist to various figures in the worlds of business and politics, has a close relationship with Ellison who is often described as a mentor to the South Africa-born tech entrepreneur."
Larry Ellison became the world's richest person after Oracle shares surged in early trading, pushing his net worth ahead of Elon Musk. Oracle shares jumped more than 40% to $340, valuing the company at $958bn and Ellison's 41% stake at about $393bn versus Musk's $384bn on Bloomberg's billionaires index. The rise marked Oracle's largest single-day increase and the biggest one-day wealth gain on the Bloomberg index. Ellison's wealth includes a Tesla stake, a sailing team, the Indian Wells Open tennis tournament, and a Hawaiian island. Ellison and Musk maintain a close, sometimes mentor-mentee relationship, including Ellison's Tesla board tenure and a $1bn investment in Musk's Twitter purchase.
Read at www.theguardian.com
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