Larry Ellison, Oracle ($ORCL) founder, surpasses Elon Musk of Tesla ($TSLA) to become world’s richest person

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Larry Ellison, Oracle ($ORCL) founder, surpasses Elon Musk of Tesla ($TSLA) to become world’s richest person

Larry Ellison, the co-founder and chairman of Oracle Corporation ($ORCL), has surpassed Elon Musk of Tesla ($TSLA) to become the world’s richest person. This significant shift in wealth occurred following a dramatic surge in Oracle's stock price, propelled by strong financial results and a robust outlook for the company's cloud infrastructure business. On Wednesday, Oracle's shares surged by more than 30% after the company reported its Q1 financial results. This surge pushed Ellison's net worth to over $389 billion, surpassing Musk's total net worth of approximately $384 billion, according to Bloomberg's Billionaire Index . The increase in Ellison's wealth came as Oracle's bookings for the quarter exceeded expectations, reaching $455 billion, a significant leap from the previous period's $138 billion . Oracle's growth is primarily driven by its pivot into cloud computing services, which has seen a groundswell of demand from AI start-ups and major technology groups. The company signed four multi-billion-dollar contracts with three different customers in the first quarter, contributing to a 12% increase in revenue to $14.9 billion . This growth is expected to continue, with Oracle projecting its cloud infrastructure revenue to jump to $144 billion by its 2030 fiscal year . Ellison's wealth surge is a testament to Oracle's strong performance and the increasing demand for data center infrastructure in the AI sector. The company's stock price has already gained more than 40% this year, and its market value rose from $678 billion to $950 billion in early trading on Wednesday . This rapid growth has left Wall Street analysts questioning how Oracle will manage the new demand for computing capacity, given the global chip shortages . Oracle's aggressive outlook for its cloud business has investors optimistic about the company's future. The company's earnings per share were lower than the same quarter last year, but the anticipated future earnings and a substantial increase in remaining performance obligations (RPOs) drove the stock price higher . Ellison's ascent to the top of the billionaire list highlights Oracle's expanding influence in cloud computing. The company is positioning itself as a major provider of cloud services, challenging industry giants like Amazon.com Inc., Microsoft Corp., and Alphabet Inc.’s Google. This development underscores the competitive dynamics in the tech industry, where companies are vying for dominance in the rapidly growing AI and cloud computing sectors. As Oracle continues to grow and innovate, it will be interesting to see how the market responds and whether Ellison can maintain his position as the world's richest person. --- References: https://finance.yahoo.com/news/larry-ellison-overtakes-elon-musk-145724675.html https://m.economictimes.com/news/international/global-trends/us-news-oracle-stock-larry-ellisons-net-worth-swells-by-staggering-70bn-in-fierce-battle-with-elon-musk-who-is-he/amp_articleshow/123805884.cms