LOracle co-founder, Larry Ellison, has surpassed Elon Musk to become the world’s richest person, according to the latest Bloomberg Billionaires Index.
The development ends Musk’s nearly year-long reign at the top of the global wealth ranking, which tracks the fortunes of the world’s 500 wealthiest individuals.
Ellison’s net worth received a significant boost following a surge in Oracle’s stock price, driven by strong investor confidence in the company’s cloud computing and artificial intelligence ventures.
Meanwhile, Musk’s fortune has declined amid recent challenges facing Tesla, including falling sales growth and increased competition in the electric vehicle market.
The Bloomberg Billionaires Index now places Ellison in the top spot, with Musk sliding to second place. Tech giants such as Jeff Bezos, Mark Zuckerberg, and Warren Buffett round out the list of the world’s wealthiest individuals.
