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Larry Ellison has become the world’s richest person for the first time, ending Elon Musk’s nearly year-long reign in the top spot.
Ellison’s fortune soared $101 billion as of 10:10 a.m. in New York after Oracle Corp. reported quarterly results that surpassed expectations and said there’s more growth to come.
The increase lifted his total fortune to $393 billion, ahead of Musk who sits at $385 billion, according to the Bloomberg Billionaires Index. It’s the biggest one-day increase ever recorded by the index.
Musk became the world’s richest person for the first time in 2021 before losing the title to Amazon.com Inc.’s Jeff Bezos and LVMH’s Bernard Arnault. He reclaimed it last year and had held it for just over 300 days.
Ellison, 81, who co-founded Oracle and is now chairman and chief technology officer, has the bulk of his net worth tied up in the database software company.
Oracle’s shares, which had already gained 45% this year through Tuesday’s close, soared 41% Wednesday after the company posted a major increase in bookings and gave an aggressive outlook for its cloud infrastructure business. It’s the company’s largest single-day surge ever.
Today's show features:
- Bloomberg News Wealth Americas Team Leader Kristine Owram on Larry Ellison surpassing Elon Musk as the world’s richest man
- Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on the US Department of Labor’s Office of Inspector General initiating a review at the Bureau of Labor Statistics and the Senate Banking Committee backing Stephen Miran for a Federal Reserve Governor post
- Elizabeth Renter, Senior Economist at NerdWallet, on the economic outlook and the health of the US consumer
- Fred Thiel, Chairman and CEO of MARA Holdings on the regulatory outlook for Bitcoin and the company’s recent progress with Bitcoin mining
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