Elon Musk is no longer the "world's richest person." That title now belongs to Larry Ellison, cofounder and chairman of the technology company Oracle.

According to Bloomberg's Billionaires Index , Ellison’s wealth jumped to $393 billion — a $101 billion gain overnight — on Wednesday morning after the company's strong earnings report, surpassing Musk’s net worth of $385 billion.

Shares for Oracle, which has been pushing its artificial intelligence capabilities, were up 40% on Wednesday morning to $338.

Oracle's CEO Safra Catz announced Tuesday that the company signed four multibillion-dollar contracts with customers during the quarter, and she expects to sign several more in the coming months.

Musk was first titled "world's richest person" in 2021 when his net worth surpassed Jeff Bezo

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