Elon Musk’s reign as the world’s richest man is over after fellow tech billionaire Larry Ellison overtook him to become the world’s richest person for the first time.

Ellison’s fortune soared $101bn (£74.5bn) in a few hours after his software company Oracle Corp reported quarterly financial results that surpassed expectations with the promise of even more to come.

Oracle shares surged more than 41 per cent as it revealed it had signed four multibillion-dollar contracts with three different customers during the quarter, chief executive Safra Catz revealed.

“It was an astonishing quarter — and demand for Oracle Cloud Infrastructure continues to build,” she said. New Feature

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The rise in Oracle shares is the biggest one-day increase ever

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