The nearly one year reign of Tesla boss, Elon Musk, at the top of Bloomberg’s Billionaires Index, as the world’s richest person has come to an end, at least for now.
This is because Oracle co-founder, Larry Ellison, whose fortune reached a record $393 billion on Wednesday, as against Musk’s $385 billion, is now sitting on top of the ladder.
Bloomberg reports that Ellison’s fortune went up by a record $101bn on Wednesday after Oracle reported quarterly results that beat expectations and signalled further growth in its cloud business.
The 81-year-old tech billionaire’s gains mark the biggest one-day jump ever recorded on Bloomberg’s index.
Oracle’s shares, which had already risen 45 per cent this year, soared 41 per cent after the company announced strong bookings and an upbeat outlook for its cloud infrastructure unit.
He previously lost the crown to Amazon’s Jeff Bezos and LVMH boss Bernard Arnault.
Tesla shares have fallen 13 per cent this year.
The company’s board has proposed a massive pay package for Musk that could make him the world’s first trillionaire if he hits a series of ambitious target.
Billionaire philanthropist Bill Gates no longer ranks among America’s 10 Richest People.
The Microsoft cofounder, who reigned for nearly a quarter century as America’s richest person, no longer makes the very top of this year’s ranking of the country’s wealthiest people, according to Forbes report on Wednesday.
Gates was long known as the richest person in America. Starting in 1991, he ranked either first or second on the Forbes 400 list of the country’s wealthiest people every year for nearly three decades.
He fell below the No. 2 spot in 2021. Now, for the first time in 34 years, Gates is not even in the top ten.
He ranks No. 14 on this year’s Forbes 400–just behind Bloomberg LP cofounder Mike Bloomberg and one spot ahead of the country’s (and the world’s) richest woman, Walmart heiress Alice Walton.
Of course, Gates still commands a massive fortune–Forbes estimates he’s worth $107 billion, the same as a year ago.
