"Ellison's wealth grew by $101 billion as of 10:10 a.m. in New York, the biggest one-day increase in net worth ever, Bloomberg reported. His fortune has reached $393 billion, higher than Musk's $385 billion as of press time. Musk held the title of the world's richest person for the last 300 days. He has been in the top spot, off and on, since 2021."
"Ellison's fortune grew after Wall Street was pleasantly "shocked" by cloud giant Oracle's forward-looking numbers and growth trajectory, reported on Tuesday. Oracle stated that its cloud infrastructure business revenue is expected to grow 77% to $18 billion this fiscal year. The company projected $144 billion in cloud revenue by 2030 - a nearly tenfold increase over the next five years."
Larry Ellison, 81, surpassed Elon Musk to become the world's richest person after his net worth rose by $101 billion in a single day to $393 billion. Oracle reported forward-looking results and projected that cloud infrastructure revenue will grow 77% to $18 billion this fiscal year and that cloud revenue could reach $144 billion by 2030. Oracle's stock jumped 41% and its market value more than tripled over two years to about $913.61 billion. Ellison owns roughly 40% of Oracle, which accounts for more than 80% of his wealth. Musk had held the top spot for 300 days.
Read at Entrepreneur
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