Elon Musk just lost his title as world’s richest person
Elon Musk has lost his title of "world's richest person" to Oracle co-founder Larry Ellison.
Ellison's wealth jumped by $US101 billion ($152 billion) to $US393 billion ($594 billion) after Oracle's stunningly strong earnings report this week, surpassing Musk's net worth of $US385 billion, according to Bloomberg.
Oracle (ORCL) reported surging demand for its data centre capacity from AI customers, launching the stock into the stratosphere. Shares gained 36 per cent on Wednesday, which was the stock's biggest single-day gain since 1992.
Elon Musk is no longer the richest person in the world. (AP Photo/Matt Rourke) (AP)
Chief executive Safra Catz announced on Tuesday after the stock market closed that Oracle signed four multibillion-dollar contracts with customers duri...