Elon Musk was briefly dethroned as the “world’s richest man” by Larry Ellison, the co-founder of Oracle. The latter saw his net worth rise to a staggering $393 billion, surpassing Musk’s $384 billion. This change came after Oracle’s stock rose by a considerable percentage. However, Musk has since regained the title.
Elon Musk briefly loses the title of ‘World’s Richest Man’
For a few hours on Wednesday, Elon Musk lost the title of “World’s Richest Man” to Larry Ellison. The latter experienced a surge in his net worth after Oracle’s shares experienced a significant boost. The shares had grown more than 40%.
Bloomberg reported that Ellison’s net worth jumped by $89 billion after Oracle shared quarterly results that exceeded analyst expectations. The multinational tech company promised that more growth would follow.
However, this landmark moment for Ellison was short-lived. By the end of the day, share prices had dropped considerably, and Musk had regained the aforementioned title by $1 billion.
The Tesla CEO first became the world’s richest person in 2021. He later lost the title to LVMH’s Bernard Arnault and Amazon’s Jeff Bezos, before reclaiming it last year.
Various reports recently shared that Musk — who was awarded shares of $29 billion last month — was entitled to a pay package of $1 trillion. However, as per the Tesla board, to receive the package, the SpaceX founder had to meet certain criteria. This included producing a million robotaxis and a million artificial intelligence robots. Further, he had to double Tesla’s market value to $2 trillion and eventually grow it to the final value, $8.5 trillion.
As part of the pay package deal, Musk’s compensation would not be salaries or bonuses but shares based on performance metrics. These shares would be worth $1 trillion if Musk manages to meet all the targets set by the company.
Musk also had to remain Tesla’s CEO for at least seven more years to be eligible for the full amount.
