Elon Musk, CEO of Tesla and SpaceX, is no longer the richest person in the world, Bloomberg reports. The top spot now belongs to Larry Ellison, co-founder of Oracle Corporation.
Ellison’s net worth is reported at $393 billion, while Musk’s stands at $385 billion. Musk had held the position for nearly a year. Recently, however, Ellison’s wealth surged by $101 billion.
The significant jump came after Oracle’s stock rose 40% following the release of a financial report highlighting multibillion-dollar contracts expected to generate $455 billion in future revenue for the company.
What’s known about Oracle and Larry Ellison?
Oracle Corporation, founded by Ellison in 1977, specializes in enterprise software, databases, and cloud services. The company operates in over 175 countries, employs more than 140,000 people, and competes with Microsoft, Amazon, SAP, and IBM.
Larry Ellison, co-founder and longtime leader of Oracle, is one of the most renowned entrepreneurs in the IT sector. He led the company for more than three decades and currently serves as its Chief Technology Officer and largest shareholder.
