Elon Musk has lost his title as the world’s richest person to Larry Ellison, the co-founder of Oracle and an ally of US President Donald Trump.
Ellison’s wealth surged to $393b (£290bn) on Wednesday morning, surpassing Musk’s $385b (£284bn), according to the Bloomberg Billionaires Index.
Shares in Oracle soared more than 40% after the database software company gave investors a surprisingly rosy outlook for its cloud infrastructure business and artificial intelligence deals.
Ellison, whose net worth is tied to the company, has steadily built his fortune over the past five decades. Oracle has recently been propelled by growing demand for data centre infrastructure.
