Larry Ellison is on the cusp of surpassing Elon Musk as world’s richest person after Oracle’s stock jumped $70 billion overnight

Ellison, who founded Oracle in the 1970s and is still the chief technology and CEO, witnessed his net wealth over the past day to 364 billion dollars, which is less than 384 billion dollars, according to what he said. Bloomberg billionaire index.

Ellison’s wealth increased by $ 70 billion overnight after Oracle exploded with double numbers after the closure on Tuesday. On Wednesday, Oracle shares continued their upward path, an increase of about 40 % in trading early in the morning. The value of the company’s shares, as of Wednesday, has multiplied from year to date. Elison has more than 40 % of Oracle, and a lot of his wealth is linked to the company, according to Bloomberg.

Oracle has benefited from the large infrastructure investments in its role as a cloud provider, and its services have been widely searched through artificial intelligence companies on the face of data since the ChatgPT version started the armament race for the advanced large language models (LLMS) in 2022.

The company said in its last quarter that it won many contracts that are expected to result from 455 billion dollars, which is a big leap from the previous year, Wall Street Journal I mentioned. The CEO of Safra Catz, before the end of the year, said that many customers who have reached billions of dollars are expected to participate in the company as well.

The last stock gains from Oracle Ellison raised above Dead CEO and founder of Facebook Mark Zuckerberg, who was previously the second most dangerous person behind musk. Musk claimed the title of the richest world for the first time in 2021 before it retreated Amazon CEO Jeff Bezos and LVMH Bernard Arnolt. Musk regained the title in 2024 and held it for 300 days, according to Bloomberg.

Meanwhile, with the rise of Oracle, Tesla Arrows fall. The share of the electric car maker decreased by 13 % on an annual basis, and its market share in the United States has decreased to its lowest point since 2017, Reuters Data from the COX Automotive research company.

But there may be hope for musk, so far. Last week, Tesla Council suggested Payment package This would make Musk the first trillion in the world – as long as it achieves several fireworks such as increasing the company’s shares eight times over the next ten years.