"Larry Ellison has become the world's richest person for the first time, ending Elon Musk's nearly year-long reign in the top spot. Ellison's fortune soared $101 billion as of 10:10 a.m. in New York after Oracle Corp. reported quarterly results that surpassed expectations and said there's more growth to come. Also see: Oracle, Salesforce slash hundreds of Bay Area jobs The increase lifted his total fortune to $393 billion, ahead of Musk who sits at $385 billion, according to the Bloomberg Billionaires Index. It's the biggest one-day increase ever recorded by the index."
"Ellison, 81, who co-founded Oracle and is now chairman and chief technology officer, has the bulk of his net worth tied up in the database software company. Oracle's shares, which had already gained 45% this year through Tuesday's close, soared 41% Wednesday after the company posted a major increase in bookings and gave an aggressive outlook for its cloud infrastructure business. It's the company's largest single-day surge ever."
"Musk became the world's richest person for the first time in 2021 before losing the title to Amazon.com Inc.'s Jeff Bezos and LVMH's Bernard Arnault. He reclaimed it last year and had held it for just over 300 days. Shares of Tesla, by contrast, are down 13% this year. The company's board has proposed a massive pay package for Musk that, if he succeeds in meeting a series of ambitious targets, could make him the world's first trillionaire."
Larry Ellison reached the top of global wealth rankings after his fortune jumped by $101 billion to $393 billion. The surge followed Oracle Corp.'s quarterly results that beat expectations and signaled further growth, driving Oracle shares up sharply. Oracle stock, already up 45% year-to-date, spiked 41% in a single day, marking the largest one-day surge in the company's history. Elon Musk held the top spot earlier and sits at about $385 billion, while Tesla shares are down 13% this year and Musk faces a proposed pay package tied to ambitious targets.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]