Larry Ellison overtakes Elon Musk as the richest person amid Oracle stock surge

In the United States, Oracle's recent financial success has led to significant changes in the rankings of the world's richest individuals. This shift became evident on Tuesday when Oracle co-founder Larry Ellison's net worth surged dramatically, largely due to a substantial increase in Oracle's stock price following an impressive earnings report. The report highlighted a substantial uptick in sales and a promising projection for Oracle's cloud business, prompting a notable rise in stock prices. As a result of after-hours trading on Tuesday, Oracle's stock soared more than 32%, and this momentum continued into Wednesday, with further gains pushing the stock up over 39.6% by mid-morning on Wednesday. Ellison, who holds approximately 1.16 billion shares in Oracle, amounts to about 41% of the company’s outstanding shares. His net worth began at around $294 billion on Tuesday. However, the stock price increase after hours propelled his wealth by approximately $70 billion. By 11 a.m. ET on Wednesday, Ellison’s net worth had jumped an overall total of about $111 billion, surpassing Elon Musk's previously held rank as the world's wealthiest person. Musk, who had a net worth of approximately $384 billion prior to the stock surge, has seen fluctuations in his own wealth due to shifts in Tesla’s stock prices. Before this surge, Musk had held a significant lead in the wealth rankings, starting at about $262 billion at the beginning of November the previous year and climbing to over $414 billion in January. Nonetheless, his fortune faced a decline, partially due to Tesla's lagging sales and associated uncertainties. Recent events, including Musk's departure from political roles, led to a recovery to around $384 billion. Ellison’s surge demonstrates how sensitive these billionaires' net worths are to stock performance, especially within their respective companies. This dramatic financial shift underlines the competitive nature of the tech industry and the fiscal impacts of corporate performance on individual wealth. As of now, Larry Ellison has not only overtaken Musk, but also placed himself ahead of other notable entrepreneurs in the tech world, such as Mark Zuckerberg and Jeff Bezos. As the market continues to react to Oracle’s performance and the broader tech landscape, Ellison's ranking could fluctuate again, illustrating the volatility of billionaire fortunes linked to stock market dynamics.