Ellison Overtakes Musk as World's Richest Man on Oracle Boom

Larry Ellison has overtaken Elon Musk to become the world's richest person.

- BLOOMBERG

Oracle Corp shares gained the most since 1992 after the company gave an aggressive outlook for its cloud business, cementing the software maker's place in the race to support demand for artificial intelligence computing.

The stock surged as much as 43% Wednesday mid-morning in New York, bringing its market valuation to $969 billion and making co-founder Ellison the world's richest person. AI-related stocks such as chip developer Nvidia Corp and Asian suppliers also climbed.

Musk became the world's richest person for the first time in 2021 before losing the title to Amazon.com Inc.'s Jeff Bezos and LVMH's Bernard Arnault. He reclaimed it last year and has now held it for just over 300 days.