(NewsNation) — Elon Musk has lost his title of the “world’s richest person” to Oracle co-founder Larry Ellison.
According to Bloomberg, Ellison’s fortune jumped $101 billion to $393 billion after the software company released its earnings report that surpassed expectations, and said there’s more growth to come from the company.
This tops Musk’s net worth of $385 billion.
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In 2021, Musk became the world’s richest person for the first time before he lost it to Amazon’s Jeff Bezos and LVMH’s Bernard Arnault. He made it back to the top last year and held it for more than 300 days.
Oracle’s shares recently jumped 40% after the release of the earnings report. By contrast, shares of Musk’s Tesla have been down by 13% so far this year.
Tesla’s board has proposed a pay package for Musk that, if he succeeds in meeting a series of ambitious targets, could make him the world’s first trillionaire.
