ORACLE’S LARRY ELLISON OVERTAKES ELON MUSK AS WORLD’S RICHEST PERSON
81-year-old tech billionaire's net worth surges to $393 billion following Oracle stock rally; ends Musk's four-year reign as wealthiest.
Larry Ellison, the 81-year-old co-founder of software giant Oracle, has dethroned Elon Musk to become the world’s richest person, according to Bloomberg’s wealth tracking data.
The dramatic shift in global wealth rankings occurred Wednesday when Oracle stock skyrocketed 34.4% in a stunning few minutes of trading, propelled by blockbuster earnings driven by multibillion-dollar AI orders from customers.
As of 3 PM New York time, Ellison’s net worth reached $393 billion, several billion above Musk’s $385 billion valuation. The Tesla CEO had held the top position for four consecutive years.
Ellison’s staggering wealth primarily derives from his 41% stake in Oracle, which has experienced tremendous growth as the artificial intelligence race intensifies. The surge in Ellison’s fortune contrasts with Tesla’s performance, with the electric vehicle company’s stock dropping 14% year-to-date as of Tuesday.
The wealth calculation discrepancy between Bloomberg and Forbes which still ranks Musk first at $439 billion stems from different valuation methods for Musk’s private holdings, particularly space exploration company SpaceX.
Ellison’s unprecedented net worth milestone represents such vast wealth that it could fund the annual median income for approximately five million American families roughly equivalent to Florida’s entire population.
Source:NKONKONSA.com
