Historic Jump of US$ 70 Billion in One Day Brings This Man Close to Elon Musk in Race for Richest Person in the World

Larry Ellison Accumulates US$ 364 Billion After Oracle’s Historic Surge, While Elon Musk Remains at US$ 384 Billion, According to Bloomberg Billionaires Index

According to an article published by O Globo, Larry Ellison is about to surpass Elon Musk in the ranking of the richest people in the world. His fortune soared by US$ 70 billion in just one day, as Oracle released quarterly results that exceeded expectations in New York. The company also projected further growth, which boosted investor confidence.

The move raised the executive’s net worth to US$ 364 billion. This amount is very close to Musk’s fortune, which totals US$ 384 billion, according to the Bloomberg Billionaires Index.

Therefore, if the gains are confirmed at the opening of the market on Wednesday, Ellison will have recorded the largest wealth increase in a single day ever seen in the ranking.

History of Leadership at the Top

Musk first took the title of the richest person in the world in 2021. However, he lost the title to Jeff Bezos of Amazon and Bernard Arnault of LVMH.

Despite this, he managed to regain leadership last year and has maintained the position for over 300 days.

Ellison, age 81, founded Oracle and currently serves as chairman and chief technology officer.

The majority of his fortune comes from the database software company, which continues to perform strongly.

Surge in Oracle’s Shares

Oracle’s shares had already accumulated a 45% increase this year up until the close of trading on Tuesday. Additionally, they surged over 26% in after-hours trading.

The jump occurred because the company reported strong growth in contract backlog and an aggressive projection for its cloud infrastructure division.

This was the largest one-day surge since 1999, consolidating Oracle as a key player in the sector and Ellison as a direct candidate to surpass Musk at the global top.

With information from O Globo.

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