Elon Musk has recently lost the title of the world’s richest person to Larry Ellison, co-founder of Oracle. As of Wednesday morning, Ellison’s net worth reached $393 billion, surpassing Musk’s $385 billion, according to the Bloomberg Billionaires Index. This change is attributed to a significant increase in Oracle’s stock value, which rose over 40% following the company’s positive outlook for its cloud infrastructure and artificial intelligence sectors.
Oracle’s quarterly earnings report indicated that the company expects its cloud revenue to increase by 77% this year, reaching $18 billion, with anticipation of continued growth in subsequent years. The report also highlighted a rise in demand from AI companies for Oracle’s data centers, contributing to the surge in stock price. In the last quarter, Oracle signed four multibillion-dollar contracts and expects to secure additional deals moving forward, as stated by Chief Executive Safra Catz.
This shift in wealth coincides with a decline in Tesla’s stock value, which is Musk’s primary asset. Tesla has faced challenges this year, including investor concerns regarding the rollback of electric vehicle initiatives by the Trump administration and public backlash related to Musk’s political activities. Musk held the title of the world’s richest individual for nearly a year before this recent development.
Source: https://www.bbc.com/news/articles/cx2rp992y88o?at_medium=RSS&at_campaign=rss