Elon Musk has 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.
Shares in Oracle soared more than 40% after the database software company gave investors a surprisingly rosy outlook for its cloud infrastructure business and artificial intelligence (AI) deals.
Ellison, whose net worth is tied to the company, has steadily built his fortune over the past five decades.
Musk had held the title of world’s richest person for nearly one year.
He could receive a pay package worth over $1tn (£740bn) if he hits a list of ambitious targets over the next decade, the board of the electric car firm has proposed.
But shares in Musk’s most valuable business, Tesla, have fallen this year.
The electric vehicle maker has grappled with investor jitters over the Trump administration’s rollback of electric vehicle initiatives, on top of consumer backlash to Musk’s political involvement.
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.
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