China News Service September 11 (Reporter Gong Hongyu) Musk's status as the richest man in the world was temporarily replaced.
On the morning of the 10th local time, Oracle co-founder Larry Ellison soared to US$393 billion driven by the company's stock price, briefly surpassing Tesla CEO Musk and winning the title of the world's richest man.
Record surge
On the 10th, Oracle's stock price rose 36%, the largest single-day percentage increase since 1992, with its market value soaring by US$244 billion. Driven by this, Ellison's net worth soared by $89 billion, setting a record for single-day wealth growth.
However, compared with the intraday trading, Oracle gave up some of the gains at the close, which also allowed Musk to regain the throne of the richest man with a advantage of $1 billion.
It is reported that before Ellison's value surged, Musk had been ranked as the world's richest man for nearly a year. Since winning the throne for the first time in 2021, Musk has taken turns to the world's richest man in the past five years, with Amazon founder Bezos and LVMH Chairman Arnold. But since last year, Musk has maintained his position as richest man for more than 300 days until he was briefly surpassed by Ellison.
AI fever gives birth to the richest man and the new nobleman
According to reports, Ellison, 81, is the co-founder, chairman and chief technology officer of Oracle, and most of his wealth comes from Oracle, a database software company.
In 1977, Ellison, Miner and Oates co-founded the "Software Development Laboratory" in Santa Clara, California, and developed a database program code-named "Oracle". Five years later, the company was renamed "Oracle" and went public in 1986.
This year, especially since September, driven by the development of AI technology and the number of large-scale orders, Oracle and Ellison's wealth has soared.
The Wall Street Journal reported that Open AI signed a five-year contract with Oracle on the 10th to purchase $300 billion in computing power from Oracle, one of the largest cloud computing contracts ever. In addition, many American companies have invested heavily in the layout of the large-scale computing power needed to maintain the leading position in the AI competition, which provides an important development opportunity for the development of Oracle.
Reuters mentioned that Oracle has reached an agreement with Amazon, Alphabet and Microsoft to allow cloud customers of these companies to run Oracle Cloud Infrastructure (OCI) simultaneously on a local service basis. The revenue generated by these partnerships for Oracle increased by more than 16 times in the first quarter of this year.
As of the closing on the 9th, Oracle's stock price has risen 45% this year. In addition to Ellison, driven by Oracle's stock price, CEO Katz also increased his net worth by $97 million on the 10th.
In addition, many media pointed out that the "change of the richest man" has a lot to do with Tesla's poor performance this year. It is reported that Tesla's stock price has fallen by about 14% this year due to the influence of performance and stock price volatility.
Source: China News Network
