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Larry Ellison, co-founder of Oracle, has surpassed Elon Musk as the world's richest person after Oracle's stock surged over 40% following the release of its quarterly earnings, which, despite a slight stagnation in profits, indicated promising future growth. Ellison's net worth now stands at approximately $397 billion, driven by Oracle's market capitalization reaching $969 billion.

The company reported a net income of $2.9 billion for the first fiscal quarter, with significant increases in cloud computing revenue. Ellison's substantial shareholding in Oracle has positioned him ahead of Musk, whose fortune is estimated at $384 billion.