Oracle co-founder Larry Ellison has overtaken Elon Musk to become the world’s richest person, ending the Tesla CEO’s nearly year-long dominance at the top of the Bloomberg Billionaires Index. According to Bloomberg, Ellison’s fortune surged by a record $101 billion on Wednesday after Oracle posted quarterly earnings that exceeded expectations and projected stronger growth in its cloud business. The jump pushed his net worth to $393 billion, placing him ahead of Musk, whose wealth now stands at $385 billion. At 81, Ellison’s gains mark the largest single-day increase ever recorded on Bloomberg’s ranking. Oracle shares, which had already advanced 45 percent this year, soared another 41 percent following the company’s announcement of robust bookings and a positive outlook for its cloud infrastructure unit. Ellison, who serves as Oracle’s chairman and chief technology officer, holds the majority of his wealth in the company’s stock. Musk, who first rose to the top of the billionaires list in 2021, regained the crown last year and held it for just over 300 days. He previously ceded the title to Amazon founder Jeff Bezos and LVMH chairman Bernard Arnault. So far this year, Tesla’s shares have dropped 13 percent. However, the company’s board has proposed a massive compensation package for Musk that could make him the world’s first trillionaire if he achieves a series of ambitious performance targets.