Larry Ellison Surpasses Elon Musk as World's Richest Man Amid Oracle's Stock Surge
Larry Ellison, co-founder of Oracle, surpassed Elon Musk as the world's richest man after Oracle stocks soared dramatically. While Forbes still places Musk on top, Bloomberg's differing valuation method highlights Ellison's massive gains. As Oracle's earnings soared, Musk's Tesla faced declining sales and political backlash harming its market share.
In a remarkable financial twist, Oracle co-founder Larry Ellison has overtaken Elon Musk to become the world's wealthiest person, according to Bloomberg. This shift comes as Oracle's stock price shot up by over a third in mere minutes during trading, resulting in Ellison's net worth reaching USD 393 billion, surpassing Musk's.
The dramatic change was propelled by Oracle's recent blockbuster earnings report, reflecting multibillion-dollar orders amidst an escalating race in artificial intelligence technology. While Forbes maintains Musk's position at the top, valuing him at USD 439 billion, Bloomberg assesses his worth at USD 385 billion due to differing valuations of Musk's private holdings.
Ellison's gains highlight Oracle's promising future, with projected revenue growth in its cloud infrastructure business. Meanwhile, Musk struggles with Tesla's declining sales and negative market reactions to his political endorsements, affecting his company's performance and market share.
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