Larry Ellison, the co-founder of Oracle, is now the world’s richest man, eclipsing Elon Musk, according to a Bloomberg report.
This as Ellison’s wealth increased by $101 billion at 10:10am New York Time after his company released impressive quarterly results, pushing his wealth to $393 billion and eclipsing the $393 billion of Musk.
However, Musk can become the world’s first trillionaire once his $1-trillion compensation package from Tesla will be approved by the company’s board even if shares of the electric car company has been down.
“Shares of Tesla, by contrast, are down 14 percent this year. The company’s board has proposed a massive pay package for Musk that, if he succeeds in meeting a series of ambitious targets, could make him the world’s first trillionaire,” Bloomberg said.
Aside from stiff competition, Tesla has been seeing plummeting sales from Musk’s political statements.
For its part, Oracle has enjoyed huge demand for artificial intelligence (AI) servers that drove a staggering 1,529-percent increase in multi-cloud database income from Amazon, Google and Microsoft for most recent quarter, CNBC network reported.
The 81-year old Ellison’s net worth is largely tied up in Oracle where he also serves as chairman and chief technology officer.
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