Elon Musk has been dethroned as the world’s richest person by Larry Ellison, after holding the top spot for more than 300 days. The Tesla founder was toppled from the No. 1 spot after 81-year-old Ellison, chairman and chief technology officer of database software company Oracle, watched his wealth swell by $101 billion. Oracle, buoyed by a tsunami of AI demand, reported better-than-expected results for the quarter on Tuesday night, up 45 percent for the year. More fireworks followed on Wednesday morning with a 40 percent stock explosion to round off a remarkable period where Ellison’s personal wealth—tied mainly to the company—soared to $393 billion. His new fortune leaves Musk’s $385 billion in the rearview, as the Tesla CEO struggles on reentry from his brief stint in Donald Trump’s administration. Oracle CEO Safra Catz said the firm closed four multi-billion-dollar deals in the quarter, including a July agreement with OpenAI for 4.5 gigawatts of electricity, and is expecting more, according to CNN.
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