Larry Ellison, co-founder of Oracle has topped Tesla CEO Elon Musk as the richest person in the world, Fox News has reported.
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Oracle’s stock price surge pushed Larry Ellison’s net worth higher by tens of billions of dollars in the last two days, putting him ahead of Musk.
The software giant’s stock surged in after-hours trading following an earnings release that featured a significant uptick in sales and signaled a bullish outlook for Oracle’s cloud business.
Oracle stock traded more than 32% higher in after-hours and pre-market trading on the back of the positive news and continued after market opened on Wednesday morning.
Fox reported that Ellison holds about 1.16 billion shares in the company, which amounts to roughly 41% of Oracle’s total outstanding shares. Ellison’s net worth jumped about $111 billion as of 11 a.m. ET.
Ellison’s net worth gains have allowed him to surpass Musk’s lead as the world’s wealthiest person.
Musk held a decisive lead before Oracle’s stock jumped after hours on Tuesday, with a net worth of about $384 billion, according to the Bloomberg Billionaire Index.
Larry Ellison began Tuesday at about $294 billion, while the stock’s rise in after-hours trading pushed his wealth about $70 billion higher.
Oracle’s stock surge in intraday trading on Wednesday puts Ellison ahead of Musk as the world’s wealthiest person.
The net worths of both Musk and Ellison are heavily linked to the stock price of Tesla and Oracle, respectively.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
