ISTANBUL

Larry Ellison, the co-founder and former CEO of Oracle, has become the world's richest man Wednesday for the first time, surpassing Elon Musk, Bloomberg reported.

Ellison's wealth had increased $101 billion as of 10.10 am New York time (1410GMT), following Oracle's release of quarterly results that revealed huge cloud demand figures, putting the business on course for record profits.

The company revealed that demand for AI servers drove a staggering 1,529% increase in multi-cloud database income from Amazon, Google and Microsoft in the company's most recent quarter, according to the CNBC network.

According to the Bloomberg Billionaires Index, the rise increased Ellison’s wealth to $393 billion, surpassing Musk's $385 billion. It is the largest one-day gain the index has ever seen.

In 2021, Musk briefly held the title of the richest person in the world until losing it to Jeff Bezos of Amazon and Bernard Arnault of LVMH. He held it for just more than 300 days until reclaiming it last year.

The majority of Ellison's net worth is invested in Oracle, the database software business he co-founded and currently serves as chairman and chief technology officer. Ellison is 81 years old.

Oracle reported a significant rise in bookings and provided an optimistic view for its cloud infrastructure business, which caused its shares, which had already increased by 45% this year by Tuesday's closing, to jump 35.9% on Wednesday.

In comparison, Tesla's stock has dropped 13% this year. Musk might become the first trillionaire in history if he meets several goals, according to a proposed compensation plan by Tesla’s board.