The list of the world's richest people has changed its leader after a record rally in Oracle shares

Larry Ellison, co-founder and CTO of the American IT corporation Oracle, has become the richest person in the world according to Bloomberg. This happened thanks to a surge in Oracle's stock price after a strong quarterly report and an ambitious revenue growth forecast.

Larry Ellison's fortune grew by $101 billion after Oracle's shares soared more than 40% in trading on September 10, Bloomberg reports. On Sept. 9, the company released a better-than-expected quarterly report and gave an optimistic outlook for growth. This marked the largest one-day increase in wealth in the history of Bloomberg's index of the world's richest billionaires.

As a result of the rally, Ellison displaced Elon Musk, who had held the lead for a year. Now the Oracle founder's capital is estimated at $393 billion against Musk's $385 billion.

Oracle's stock has gained more than 105% since the beginning of the year, and its jump on Wednesday was the largest one-day gain in the company's history. By comparison, Elon Musk's Tesla shares, by contrast, have fallen about 13% since the beginning of the year.

This article was AI-translated and verified by a human editor