Summary
Larry Ellison has become the world's richest person, overtaking Elon Musk. This change occurred because Oracle's stock increased due to strong business growth, while Tesla's stock, owned by Musk, fell.
Key Facts
- Larry Ellison is the co-founder of Oracle, a major software company.
- Ellison's wealth reached $393 billion, surpassing Elon Musk's $385 billion.
- Oracle shares rose over 40% after positive news about its cloud and AI business.
- The company's wealth boost came from increased demand for data centers.
- Oracle reported a 77% expected increase in revenue for its cloud business this year.
- Tesla's stock dropped due to concerns about U.S. policies affecting electric cars.
- Elon Musk had been the world's richest person for nearly a year before this shift.
