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.

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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 mon

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