Elon Musk has lost his title of “world’s richest person” title to Oracle cofounder Larry Ellison.
Ellison’s wealth jumped by $101 billion to $393 billion after Oracle’s stunningly strong earnings report Tuesday evening, surpassing Musk’s net worth of $385 billion, according to Bloomberg.
Oracle (ORCL) reported surging demand for its data center capacity from AI customers, launching the stock into the stratosphere. Shares are 40% higher Wednesday as of 11 a.m. ET.
CEO Safra Catz announced Tuesday after the stock market closed that Oracle signed four multibillion-dollar contracts with customers during the quarter, and she expects to sign several more in the coming months.