Elon Musk lost to the title of Larry Ellison, co-founder of Oracle and co-founder of U.S. President Donald Trump.
According to the Bloomberg Billionaire Index, Ellison’s wealth soared to $393.3 billion (£29 billion), surpassing Musk’s $3.85 billion (£28.4 billion).
Oracle’s stock soared more than 40% in amid database software companies that provide investors with surprising cloud infrastructure businesses and artificial intelligence deals.
Ellison’s net worth is closely linked to the company, and his wealth has stabilized over the past fifty years. Oracle has recently driven Oracle by growing demand for data center infrastructure.
The company is expected to be part of its quarterly earnings report, with revenue from its cloud business going up 77% this year to $18 billion, and expecting further revenue growth in the coming years.
Oracle also reported a surge in demand for its data centers from AI companies, which helped drive its stocks to rise sharply.
CEO Safra Catz said Tuesday it signed a $400 million contract with clients last quarter and expects more deals in the coming months.
Oracle surged as shares of Tesla, Musk’s most valuable business, have fallen this year.
The electric car maker is also competing with investors for the Trump administration’s rollback of electric vehicle plans, in addition to consumers’ opposition to Musk’s political participation.
Musk has the title of world wealthy for nearly a year.
Health & Wellness Contributor
A wellness enthusiast and certified nutrition advisor, Meera covers everything from healthy living tips to medical breakthroughs. Her articles aim to inform and inspire readers to live better every day.
