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Elon Musk has lost his title as the world's richest person to Larry Ellison, the co-founder of Oracle and an ally of US President Donald Trump.

Ellison's wealth surged to $393bn (£290bn) on Wednesday morning, surpassing Musk's $385bn (£284bn), according to the Bloomberg Billionaires Index.

Shares in Oracle soared more than 40% after the database software company gave investors a surprisingly rosy outlook for its cloud infrastructure business and artificial intelligence (AI) deals.

Ellison, whose net worth is tied to the company, has steadily built his fortune over the past five decades.

Musk had held the title of world's richest person for nearly one year. He could receive a pay package worth over $1tn (£740bn) if he hits a list of ambitious targets over the next decade, the board of the electric car firm has proposed.

But shares in Musk's most valuable business, Tesla, have fallen this year.

The electric vehicle maker has grappled with investor jitters over the Trump administration's rollback of electric vehicle initiatives, on top of consumer backlash to Musk's political involvement.

Oracle has recently been propelled by growing demand for data centre infrastructure.

The company projected as part of its quarterly earnings report on Tuesday that revenue from its cloud business will jump 77% this year, to $18bn, with further growth expected in the coming years.

Oracle has reported a surge in demand among AI companies for its data centres, which helped push its stock dramatically higher.

It signed four multibillion-dollar contracts with customers in the last quarter and anticipates several more deals in the months ahead, chief executive Safra Catz said on Tuesday.

Trump ties and media ambitions
Ellison, 81, helped start Oracle in 1977 and rose to prominence in the 1990s, when he became a public figure known as much for his lavish lifestyle as for the database company behind his fortune.

He was Oracle's chief executive until 2014 and is now the company's chairman and chief technology officer.

And he has positioned himself as an ally to President Trump.

When Trump returned to the White House in January, Ellison appeared alongside OpenAI's Sam Altman and SoftBank's Masayoshi Son to announce a project called Stargate, to build out AI infrastructure in the US.

Oracle has also emerged as a possible buyer of TikTok, the app owned by the Chinese internet company ByteDance. TikTok is facing a ban in the US unless it divests itself of its ByteDance ownership.

In January, when asked whether he was open to Musk buying TikTok, Trump responded: "I'd like Larry to buy it, too."

Ellison's media ambitions extend beyond TikTok.

He funded the bulk of a $8bn bid by his son to acquire Paramount, which owns CBS and MTV.

That deal between Paramount and the media company Skydance, which is controlled by his son David, closed last month.

Source: https://www.bbc.com/news/articles/cx2rp992y88o

Let us see how long he maintains the position.

4 more.

Champion no dey reign forever




15 more characters needed

E go sweet trump like mad . Well over taking is allowed

God when ooo
All this money person dey hear be like film trick

Omo
There's money in tech oh, one gat build something

Wow world class richest man.
Trump war with Elon he here made him tone the lists

Chai, inside life. Many are poor and struggling to feed why others are competing on who has the most Benjamins.

Don’t be fooled, it’s all valuation not real cash
Money is not even real anymore for these guys at this stage

Money is only real to people in need

Aleister:
God when ooo
All this money person dey hear be like film trick

Head go dey pain you as you hear the money 😩, poor man pikin gat hustle

Larry ellison founder of oracle. musk should continue doing politics

omo money dey pass money, how do these men do it? like how

Who be these jobless people wey get time to dey monitor other people wealth?

Sabadon:
omo money dey pass money, how do these men do it? like how

By keeping you as a perpetual consumer and ofcourse.....poor

Skeyskey:
Chai, inside life. Many are poor and struggling to feed why others are competing on who has the most Benjamins.

I don't think they can use the money being mentioned
Well having a skill and building something useful is the only way forward

Hmmm....was there a throne before?

That's quite interesting

This guy has always been envious of Bill Gates for as far back as I can remember

Sabadon:
omo money dey pass money, how do these men do it? like how

E reach to ask, because, Wetin dey happen?

These kind figures on a steady…

I have some money in my OPAY account, I don't know why I'm not listed among the world's richest men.

Nothing in life last forever, there was a time Bill Gates was the richest. Do good while it lasts.

Las las, all that money will not matter in heaven, even in hell . . .

Mariangeles:
Let us see how long he maintains the position.

4 more.

How much is your bride price?

Tell me, I can pay it cos I got the dough

Astromath:
I don't think they can use the money being mentioned
Well having a skill and building something useful is the only way forward

Exactly. But I've seen some trying to acquire a skill but later stopped due to accute hunger. No one can learn anything on empty stomach.

Abee79:
Las las, all that money will not matter in heaven, even in hell . . .

Stay and hold on to your poverty so you can enter heaven and shut the door against us millionaires

Awo lor...


Ellon self don try, make he rest small jare

iwaeda:
Nothing in life last forever, there was a time Bill Gates was the richest. Do good while it lasts.

I believe Bill get would have remained there if he wanted
He was on top for a whole 10 years until he gave almost 99% of his wealth to charity

Skeyskey:
Exactly. But I've seen some trying to acquire a skill but later stopped due to accute hunger. No one can learn anything on empty stomach.

What skill are you trying to learn?

Mention it here, you never know someone might be able to help you

it will be temporary. Elon Musk is a blessed assets to The usa

MarkNsukkaBread:
Stay and hold on to your poverty so you can enter heaven and shut the door against us millionaires

I just stated a fact. I don't know why you are sounding pained 🤣

MarkNsukkaBread:
Stay and hold on to your poverty so you can enter heaven and shut the door against us millionaires

🤣🤣🤣🤣🤣🤣🤣
Abeg no make me laugh this night , Nigerians are their mouth 😂

Omoawoke:
Don’t be fooled, it’s all valuation not real cash
Money is not even real anymore for these guys at this stage

Money is only real to people in need

Lol. They are called Forbes or papper billionaires

But really they do have the cash but not this much. Most of the wealth is mere/real valuation.

How was Musk able to buy Twitter for $44 billion of they don't have the 'cash'?