Tesla owner Elon Musk is no longer the richest person in the world. In his place, Oracle co-founder Larry Ellison has now become the richest. Now Larry Elson has overtaken Elon Musk in terms of highest wealth. Elon Musk held the title of being the ‘richest person’ for the longest time.
Larry Ellison became the richest man when Oracle shares jumped more than 33% in a matter of minutes. Alison, 81, is a college dropout. According to Bloomberg Index, Ellison’s net worth is now $ 393 billion. This amount in Indian currency is Rs 34.62 lakh crore. At the same time, Elon Musk’s net worth is 385 billion dollars (Rs 33.90 lakh crore).
Ellison could beat because on one hand the shares of Oracle are increasing and on the other hand the shares of Elon Musk’s company Tesla are continuously falling. Tesla shares have fallen 14 percent so far this year.
Bloomberg Index has estimated Elon Musk’s wealth at $385. However, Forbes is still calling Elon Musk the richest. According to Forbes, Allen has a net worth of $439 billion. This may happen because the parameters for assessing net worth are different.
Read this also– house-car-earnings; Apart from GST, where does the common man pay tax?
But how did this happen?
- Shares rose 36%: Oracle’s shares jumped tremendously on September 10. Oracle shares rose nearly 36% in a single day. On the 9th, the price of one Oracle share was $241.51, which increased to $328.33 on the 10th.
- Alison’s 40% shares: Larry Ellison is the co-founder of Oracle. He owns the most shares of Oracle. Ellison owns 40% of Oracle’s shares. Due to the increase in Oracle shares on Wednesday, Ellison’s wealth increased by $ 100 billion within half an hour of market opening.
- Tesla shares fall: Tesla shares are continuously falling. Tesla shares have fallen by 14% this year. On December 17 last year, Tesla shares reached a price of $479.86. On September 10, the price of one Tesla share reached $347.79.
Why and how did Musk lag behind?
The reason for the sudden rise in Oracle shares is the company’s financial report. The company had recently announced new contracts worth more than $300 billion.
Oracle had said in its report that it expects the revenue of its cloud infrastructure business to increase by 77% to $ 18 billion this year. After that it will increase to $144 billion in four years. Ellison said, ‘AI changes everything.’
On the other hand, Elon Musk’s troubles are increasing. The fight with US President Donald Trump has also caused a lot of damage to his business.
Tesla’s electric car sales are continuously declining. The company had promised major changes in it but till now there has been no improvement in it. Tesla sales in Europe have continued to decline for 7 consecutive months. Tesla sales in Europe have declined by 40% in a few months. People are not buying Tesla due to rift with Trump. Tesla’s market share is also decreasing in America.
Read this also–Now 2 slabs instead of 4; How much profit and loss will the government incur from the new GST? understand math
How rich has Alison become?
Larry Ellison now has assets worth approximately Rs 36 lakh crore. This is such a huge amount that Ellison can support 5 million Americans for a year. This means that all Americans living in Florida will not need to work for a year.
Not only this, if Larry Ellison wants, he can also send the entire population of South Africa on leave for a year. Even if South Africans do nothing for a year, Alison has enough money to cover all their expenses.
Comments are closed.