Oracle Chairman Larry Ellison has been crowned the world's richest person for the first time, surpassing Tesla CEO Elon Musk.
According to the Bloomberg Billionaires Index, Ellison's net worth jumped $101 billion to $393 billion (RM1.67 trillion), surpassing Musk's $385 billion (RM1.62 trillion).
Ellison's surge in wealth was driven by a sharp rise in Oracle shares, which jumped 41% in daily trading yesterday - the biggest increase in the company's history.
Oracle CEO Safra Catz said the company signed four billion-dollar contracts with three different customers during the first fiscal quarter.
The development increased the number of orders to $455 billion, which is four times higher than the previous year.
Catz also added that Oracle Cloud Infrastructure revenue is expected to grow 77% to $18 billion from last year, and has the potential to reach $144 billion by 2030.
The positive outlook solidifies Oracle's position among the tech giants competing for dominance in the artificial intelligence (AI) market alongside Microsoft, Google and Amazon.
