Oracle co-founder Larry Ellison is the new richest person in the world, after he surpassed Elon Musk. According to the report, Ellison's wealth reached ₱23.1 trillion (USD $393 billion), higher than Musk's with ₱22.6 trillion (USD $385 billion).
Oracle stocks rose more than 40% after reporting strong earnings and a bullish outlook for its AI cloud business. This has boosted investor confidence in Oracle's role as a leading infrastructure provider for artificial intelligence.
Ellison's wealth increase is considered the largest single-day gain on record in the index. While Tesla's value and Musk's wealth have declined, Oracle's market cap has continued to climb.
This shift shows that the new gold rush in the tech industry is no longer centered on consumer products or social media, but on AI infrastructure. At 81, it's a testament to Ellison's enduring influence and Oracle's success in the modern era.
