Oracle’s Larry Ellison surpasses Elon Musk as world’s richest man

Elon Musk lost the title of Oracle’s founding partner Larry Ellison and US President Donald Trump’s ally, Larry Ellison.

According to the Bloomberg billionaires index, Ellison’s wealth rose to $ 393 billion (£ 290 billion) on Wednesday morning and passed 385 billion dollars (£ 284 billion) of Musk.

After giving investors a surprising pink appearance to investors cloud infrastructure and artificial intelligence (AI) agreements, the shares in Oracle rose more than 40%.

Ellison, whose net value is affiliated to the company, has constantly built its reserve in the last five years.

For about a year, Musk had the title of the richest person in the world. If the electric automobile company hits a list of ambitious targets in the next decade, it can receive a payment package worth $ 1 (£ 740 billion).

However, the shares in Musk’s most valuable business fell this year.

The electric vehicle manufacturer struggled with the investor Jitters upon the return of the Trump administration’s electric vehicle initiatives upon the consumer response to the political participation of Musk.

Oracle recently demanded increasing demand for the data center infrastructure.

As part of the three -month earning report on Tuesday, the income from the cloud business increased by 77% this year to $ 18 billion and more growth is expected in the coming years.

Oracle reported an increase in demand for data centers among AI companies, which helped significantly increase its stock.

Safra Catz, Chairman of the Executive Board, said on Tuesday that he signed a four billion dollar contract with customers in the last quarter and foresees several more agreements in the coming months.

When Trump returned to the White House in January, 81 -year -old Ellison appeared to announce a project called Stargate to build AI infrastructure in the United States, alongside Openai’s Sam Altman and Softbank’s Masayoshi son.

Oracle has emerged as a possible buyer of Tiktok, the application owned by the Chinese internet company. Tiktok faces a prohibition in the United States unless he disposes of his ownership.

In January, when Musk was asked if he was open to Tiktok, Trump replied: “I want Larry to buy.”

Ellison’s media ambitions go beyond Tiktok.

He financed most of a $ 8 billion offer by his son to buy Paramount, the owner of the CBS and MTV.

This agreement between Paramount and his son David was closed last month.