Oracle's Larry Ellison became the richest person in the world Wednesday morning, with shares of the tech giant he co-founded surging more than 40%.
As of 10 a.m. ET, Ellison's wealth was nearly $400 billion. Tesla CEO Elon Musk, who had occupied the top spot, currently has a fortune of about $385 billion, according to Bloomberg. The news outlet keeps tabs on the world's wealthiest people with its billionaires index.
Behind Ellison and Musk in the rankings sit Meta founder Mark Zuckerberg, Amazon founder Jeff Bezos and Google co-founders Larry Page and Sergey Brin.
The rapid rise in Ellison's wealth comes as he and his family push into artificial intelligence, media and politics.
Oracle's stock move Wednesday was fueled primarily due to the company announcing a $450 billion-plus backlog for cloud services and multibillion-dollar computing contracts with major AI players Nvidia and ChatGPT backer OpenAI.
"Over the next few months, we expect to sign-up several additional multi-billion-dollar customers," Oracle said. It expects that backlog of business will likely soon "exceed half-a-trillion dollars."
