Oracle co-founder Larry Ellison has displaced Elon Musk to become the world’s richest man after a significant boost in Oracle’s share price.
Gatekeepers News reports that figures from Bloomberg Billionaires Index show Ellison’s fortune increased to $393 billion (£290bn) on Wednesday morning, overtaking Musk’s $385 billion (£284bn).
The rally in Oracle’s stock, driven by strong projections for its cloud infrastructure and artificial intelligence (AI) ventures, pushed Ellison, 80, to the No. 1 spot for the first time in his decades-long career.
In its latest earnings release on Tuesday, the company forecasted a 77 percent jump in cloud revenue for the year, reaching $18 billion.
