Larry Ellison, co-founder of Oracle, has overtaken Elon Musk as the world’s richest person after Oracle Corp (NYSE:ORCL, ETR:ORC)’s stock price soared more than 40% on Wednesday as surging cloud demand boosted the software giant’s latest financial results.
Ellison’s wealth increased by $101 billion to $393 billion on Wednesday, and now exceeds Musk’s net worth of $385 billion, Bloomberg reported.
His increase in wealth is the “biggest one-day increase ever recorded” by the Bloomberg Billionaire Index.
Ellison is Oracle’s largest individual shareholder, owning 41%, or about 1.16 billion shares, of the software company.
The 81-year-old multibillionaire, who helped create Oracle in 1977, also owns 98% of the Hawaiian island of Lana’i.