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Tesla CEO Elon Musk, whose company is worth more than $380 billion, has lost his place as the 'richest man in the world' to another major technology entrepreneur.
Larry Ellison, the 81-year-old co-founder of Oracle, is now worth a whopping $393 billion after the software company reported better-than-expected quarterly earnings this week, according to Bloomberg. Ellison currently serves as the company's chairman and chief technology officer.
Ellison's rising fortune is the largest single-day increase ever seen on the company's Billionaires Index, media reports.
"We signed four multi-billion dollar contracts with three different customers in the first quarter," Oracle CEO Safra Catz said in a statement related to the quarterly earnings report.
“As a preface, we expect Oracle Cloud Infrastructure revenue to grow 77% to $18 billion this fiscal year – and then grow to $32 billion, $73 billion, $114 billion and $144 billion over the subsequent four years,” Catz continued.
Like Musk, Ellison, 81, has participated in Republican politics, donating tens of millions to an organization that supports South Carolina Republican Senator Tim Scott, who failed to win the 2024 Republican presidential nomination.
He has also previously donated millions to a political organization that supported Mitt Romney's presidential candidacy in 2012.
Ellison's son, David, became chairman and CEO of Paramount this summer after the company merged with Skydance Media in August.
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In July, Ellison himself announced that his family had founded the Ellison Institute of Technology in collaboration with the University of Oxford.
His mission, he wrote in X, is “to solve some of humanity’s most challenging and enduring problems.”
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