Musk loses world’s richest tag to software giant Larry Ellison

Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday, according to wealth tracker Bloomberg, as stock in his software giant rocketed more than a third in a stunning few minutes of trading.

A college dropout, the 81-year-old Ellison is now worth USD 393 billion, Bloomberg says, several billion more than Musk, who became the world’s richest for the first time four years ago. Stock in one of Musk’s biggest holdings, Tesla, has been moving in the opposite direction of Oracle’s, dropping 14 per cent so far this year as of Tuesday.