Oracle's stock price skyrocketed, with the founder's wealth soaring by $70 billion overnight, just one step away from Musk's position as the world's richest person

Oracle Corporation founder Larry Ellison is making a push for the title of the world's richest person. After Oracle released its financial report, Ellison's wealth surged by $70 billion overnight, bringing his total wealth to $364 billion, just a step away from Musk's current net worth of $384 billion. Oracle's stock price soared over 26% in after-hours trading following Tuesday's market close in New York, marking the company's largest single-day gain since 1999. This surge was driven by the company's strong quarterly performance, with nearly $500 billion in orders shocking the market and a positive outlook for its cloud infrastructure business. According to the Bloomberg Billionaires Index, if Ellison's wealth increase is maintained after Wednesday's market open, it will become the largest single-day wealth increase ever recorded by the index. Musk has held the title of the world's richest person for over 300 days since reclaiming it last year. Strong Cloud Business Drives Historic Surge in Oracle's Stock Price The historic surge in Oracle's stock price reflects investors' strong confidence in its cloud infrastructure business prospects. Before Tuesday's close, the stock had risen 45% year-to-date, indicating market recognition of the database software giant's transformation. As Oracle's co-founder and current chairman and chief technology officer, Ellison's wealth is closely tied to Oracle's stock price. According to a previous article from Jianwen, the significant increase in order volume showcased in the quarterly financial report and the positive outlook for the cloud infrastructure business directly fueled the explosive growth in stock price. This increase not only set a record for Oracle's largest single-day gain in 25 years but also pushed Ellison to within $20 billion of the title of the world's richest person. Musk first became the world's richest person in 2021, briefly relinquishing the title to Amazon founder Jeff Bezos and LVMH's Bernard Arnault. Since reclaiming the title last year, Musk has maintained this ranking for over 300 days. Now facing Ellison's strong pursuit, the ranking of the world's richest person may change once again