This article is from the source 'bbc' and was first published or seen on . The next check for changes will be
You can find the current article at its original source at https://www.bbc.com/news/articles/cx2rp992y88o
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Oracle's Larry Ellison surpasses Elon Musk as world's richest man | Oracle's Larry Ellison surpasses Elon Musk as world's richest man |
| (32 minutes later) | |
| Larry Ellison, pictured at an Oval Office meeting earlier this year, has overtaken Elon Musk in fortune | Larry Ellison, pictured at an Oval Office meeting earlier this year, has overtaken Elon Musk in fortune |
| 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. | 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 $393bn (£290bn) on Wednesday morning, surpassing Musk's $385bn (£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. | 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. | 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. |
| The company projected as part of its quarterly earnings report on Tuesday that revenue from its cloud business will jump 77% this year, to $18bn, with further growth expected in the coming years. | |
| Oracle also reported a surge in demand among AI companies for its data centres, which helped push its stock dramatically higher. | |
| It signed four multibillion-dollar contracts with customers in the last quarter and anticipates several more deals in the months ahead, chief executive Safra Catz said on Tuesday. | |
| Oracle's surge comes as shares in Tesla, Musk's most valuable business, have fallen this year. | |
| The electric vehicle maker has grappled with investor jitters over the Trump administration's rollback of electric vehicle initiatives, on top of consumer backlash to Musk's political involvement. | |
| Musk had held the title of world's richest person for nearly one year. |