Larry Ellison briefly overtook Elon Musk as the richest man on earth. The Oracle founder's fortune jumped to $393 billion early this morning, overtaking Musk, who has a fortune of $385 billion.
His wealth surged as Oracle shares rose by 40% after the company reported that cloud services revenue is expected to grow 77% this year. It is expected to continue to rise in the coming years due to high demand for data centers from artificial intelligence (AI) companies. In the blink of an eye, Ellison's wealth has increased by $191 billion.
Oracle shares fell again and now Ellison is back as the second richest man in the world with a fortune of $383 billion behind Musk with a fortune of $384 billion according to the latest Bloomberg data. Looking at the future of Oracle and Tesla, which are now different, in the near future Ellison will overtake Musk as the richest man permanently.
Despite Tesla's EV sales surging, CyberTruck failing to meet targets, and Optimus robots still not being commercialized, the board of directors still wants to pay Elon $1 trillion in compensation if he remains CEO. The $1 trillion compensation will only be received by Musk if he successfully re-invigorates EV sales, sells more than a million Cybercabs, and re-invigorates Tesla's market value.