The New Richest Man On The Planet Has Been Named

Oracle's co-founder has overtaken Ilon Musk.

Co-founder and largest shareholder of US company Oracle (ORCL) Larry Ellison has overtaken Tesla CEO Ilon Musk to become the world's richest shuttler for the first time, Bloomberg reported. Ellison's fortune rose $101 billion overnight, to $393 billion as of 5:10 p.m. ET, thanks to a surge in Oracle stock after reporting.

This is the biggest one-day increase in fortune in the history of Bloomberg's Billionaires Index. For comparison, Musk's assets are valued at $385 billion.

Most of the fortune of 81-year-old Larry Ellison, who is now chairman and chief technology officer of Oracle, is in the shares of this company. In trading on Wednesday, September 10, they soared 41.8% in trading after strong reporting.

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