Oracle’s stock surge has pushed co-founder Larry Ellison’s net worth higher by tens of billions of dollars the last two days and puts him ahead of Tesla CEO Elon Musk as the richest person in the world.
The software giant’s stock surged in after-hours trading following an earnings release that featured a significant uptick in sales and signaled a bullish outlook for Oracle’s cloud business.
The positive news sent Oracle stock more than 32% higher in after-hours and pre-market trading – gains which continued after the market opened, with Oracle stock up over 39.6% as of Wednesday morning.
Ellison holds about 1.16 billion shares in the company, which amounts to roughly 41% of Oracle’s total outstanding shares. Ellison’s net worth jumped about $111 billion as of 11 a.m. ET.
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Ellison’s net worth gains have allowed him to surpass Musk’s lead as the world’s wealthiest person.
Musk held a decisive lead before Oracle’s stock jumped after hours on Tuesday, with a net worth of about $384 billion, according to the Bloomberg Billionaire Index.
Ellison began Tuesday at about $294 billion, while the stock’s rise in after-hours trading pushed his wealth about $70 billion higher.
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Oracle’s stock surge in intraday trading on Wednesday puts Ellison ahead of Musk as the world’s wealthiest person.
Musk’s net worth saw a large jump late last year from about $262 billion at the start of November to over $414 billion at the beginning of January.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 340.39 | +98.83 | +40.92% |
| TSLA | TESLA INC. | 354.58 | +7.62 | +2.19% |
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It fell back to about $322 billion amid a slide in Tesla stock due to lagging sales and an uncertain direction amid Musk’s political involvement and role in the Trump administration.
Musk’s departure from the administration has spurred a modest recovery back to roughly $384 billion.
The net worths of both Musk and Ellison are heavily linked to the stock price of Tesla and Oracle, respectively.
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