Oracle co-founder Larry Ellison has overtaken Elon Musk as the world’s richest person after a surge in the company’s stock lifted his net worth to $393 billion, according to the Bloomberg Billionaires Index.
Larry Ellison, the billionaire co-founder of Oracle, has surpassed Tesla chief Elon Musk to become the world’s wealthiest individual, Bloomberg data showed Wednesday.
Ellison’s fortune climbed by $101 billion in a single day to $393 billion after Oracle’s quarterly earnings report delivered a bullish outlook for its cloud and artificial intelligence business. Musk’s wealth, meanwhile, slipped to $385 billion amid falling Tesla shares and growing investor concerns over the Trump administration’s rollback of electric vehicle incentives.
Oracle stock jumped 41% on Wednesday, its biggest one-day gain since 1992, after the company reported surging demand for AI-driven data centre infrastructure.
Chief executive Safra Catz revealed that Oracle signed four multibillion-dollar contracts last quarter and expects more in the months ahead. Analysts say Oracle’s $455 billion backlog highlights its emerging role as a backbone of the AI revolution.
The company has also inked major deals, including a July agreement to supply 4.5 gigawatts of electricity to OpenAI, the maker of ChatGPT, to power its AI operations.
Ellison, who has been building Oracle for nearly five decades, is a close ally of US President Donald Trump. His rise marks the first time Musk has lost the top spot in nearly a year.
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SpaceX’s Dragon spacecraft successfully completed an initial test Wednesday to demonstrate a new capability that helps maintain the International Space Station’s (ISS) orbital altitude.
Billionaire Elon Musk filed a motion on Thursday seeking to dismiss a civil lawsuit brought by the U.S. Securities and Exchange Commission (SEC), which accused him of waiting too long in 2022 to disclose a significant stake in social media platform Twitter, later renamed X.
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SpaceX’s Starship rocket successfully deployed its first batch of mock Starlink satellites and tested new heat shield tiles during its tenth test flight on Tuesday, marking key development milestones after a streak of earlier failures.
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The U.S. will lower tariffs on Japanese cars and auto parts by 16 September under a trade deal formalised by President Donald Trump, Japan’s chief negotiator said Tuesday.
U.S.-based satellite communications provider EchoStar has agreed to sell spectrum licences worth approximately $17 billion to SpaceX.
Chinese President Xi Jinping has described economic globalisation as an “irresistible trend of history,” emphasising the importance of multilateralism amid tariffs imposed by U.S. President Donald Trump.
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