Elon Musk Dethroned: The Rise of Larry Ellison as the Wealthiest Individual
Elon Musk Dethroned as World's Richest Person
Elon Musk has been dethroned as the world's richest person by Larry Ellison, whose net worth soared to $393 billion. This significant wealth increase follows a spectacular 40% rise in Oracle's stock after impressive earnings reports.
Significant Wealth Increase for Larry Ellison
Ellison's fortune now surpasses Musk's $385 billion, marking a notable shift in the rankings of ultra-wealthy individuals. The surge in Ellison’s wealth is attributed to Oracle's outstanding earnings report, which showcased several multibillion-dollar contracts expected to yield $455 billion in future revenue.
“It was an astonishing quarter—and demand for Oracle Cloud Infrastructure continues to build,” Oracle CEO Safra Catz stated. Catz further mentioned plans to acquire several more multibillion-dollar customers in the upcoming months, potentially pushing Oracle's performance obligations above $500 billion.
The company is ambitiously forecasting a revenue jump in their cloud infrastructure division by 77% to reach $18 billion in fiscal year 2026, with projections suggesting revenues could reach $32 billion, $73 billion, $114 billion, and finally $144 billion over the next four years.
The Decline of Elon Musk's Wealth
Musk, having held the title of the world’s richest person for almost a year, previously saw his net worth peak at $486 billion last December. However, his wealth has declined considerably this year, impacted by his government work which has adversely affected his companies, particularly Tesla.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.