Elon Musk temporarily lost his position as the world’s richest person, being surpassed by Larry Ellison – co-founder of Oracle and ally of former U.S. President Donald Trump, reports Baltimore Chronicle with a link to BBC.
On the morning of September 10, Ellison’s fortune, according to the Bloomberg Billionaires Index, reached $393 billion, exceeding Musk’s $385 billion. The rise was driven by a sharp increase in Oracle’s stock, which makes up a significant portion of Ellison’s wealth.
The company’s shares jumped over 40% following the release of a quarterly report that exceeded analysts’ forecasts and indicated positive prospects for the corporation’s future growth.
However, by the end of the day, Oracle’s stock value had declined, losing part of its gains, which allowed Musk to regain the top spot in the global billionaire rankings. Musk had held this position for almost a year prior.
Earlier we wrote that SpaceX invests $2 billion in Elon Musk’s xAI.