Elon Musk is getting knocked down a peg.
Although the Tesla CEO has reigned as the world’s richest person for the better part of the year, he has officially lost the title to Oracle’s Larry Ellison, whose net worth is now estimated to be $393 billion, per Bloomberg.
According to Oracle’s quarterly results, reviewed by Bloomberg, the company’s chief technology officer surpassed Musk’s estimated $364 billion net worth just after 10 a.m. Sept. 10, with his overall worth reaching over $400 billion, per NBC News.
Ellison, 81, was previously listed as the fourth richest person in the world, behind Musk, as well as Facebook founder Mark Zuckerberg and Amazon’s Jeff Bezos, per Forbes. Prior to his company’s latest earnings report, his estimated net worth was around $192 billion.
Oracle’s massive spike in stock, jumping over 40 percent on Sept. 10, per CNBC, marks its largest jump in single-day earnings since 1992. The company’s big payout comes after it reported massive projections during a Sept. 9 earnings call, estimating around $144 billion in cloud infrastructure revenue over the next four years, largely due to the demand brought by artificial intelligence.
