The Tesla mogul now only has a paltry $385 billion fortune.
Tuesday was a very good day for Oracle CEO Larry Ellison.
The company announced during an analyst call on Tuesday that it had signed four multi-billion-dollar contracts during the fiscal first quarter, which increased bookings four times over last year, according to Business Insider.
As a result, investors jumped on the stock big time, according to Axios, to the point where it increased 41% by midday on Wednesday, according to Business Insider.
The rising stock boosted Ellison’s net worth by $101 billion on Wednesday alone, putting the 81-year-old Oracle mogul’s fortune at $393 billion, making him the world’s richest man for the first time.
For those keeping score, that’s $8 billion more than the previous world’s richest person, Tesla mogul Elon Musk, who is now only worth a paltry $385 billion.
But while Tesla stock shares are down 13% this year, Musk has a chance to once again take over the world’s richest title.
Last Friday, Tesla board members proposed an unprecedented pay package for Musk that, if approved, could earn him a whopping $1 trillion.