Quick overview

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Larry Ellison, 81, the founder of the US software company Oracle, surpassed Elon Musk as the world’s richest person on Wednesday. Ellison’s wealth increased by $101 billion to $393 billion on Wednesday, while Elon Musk’s wealth was $385 billion. It was the biggest wealth increase Bloomberg has ever seen in a single day. Ellison is now at the top of Bloomberg’s list of the wealthiest people for the first time.

This honor is due to Oracle’s soaring share price, which jumped over 40 percent on Wall Street on Wednesday. The demand for artificial intelligence is driving the rapid expansion of the group’s cloud business. A significant amount of processing power is required for this growth.

The development of AI, which requires ever-increasing computing storage capacity, is largely responsible for this commercial success.

His achievement is attributed to the remarkable surge in his share price on the New York Stock Exchange. Investors have evaluated the strong demand for AI infrastructure that the American cloud provider will benefit from in the coming years, despite the challenges it presents. Its order book has increased fourfold to $455 billion in a year.

Oracle’s valuation has skyrocketed from $250 billion to over $940 billion in just a few hours. Unlike the flashy personality of Elon Musk, Larry Ellison, 81, maintains a more discreet presence. He owns an extensive real estate portfolio and various assets, including the island of Lanai in Hawaii, which is the sixth-largest island in the U.S. Pacific archipelago. Ellison purchased Lanai for $300 million in 2010.