Larry Ellison Passes Elon Musk as World’s Richest Person

Larry Ellison, co-founder and executive chairman of Oracle. (Chris Kleponis/CNP/Bloomberg)

Oracle Chairman Larry Ellison passed Tesla CEO Elon Musk Wednesday morning as the world’s richest person.

Ellison took the No. 1 spot as his Oracle soared more than 30% in the wake of its latest earnings report.

Ellison—who owns 1.2 billion shares of Oracle—saw his net worth rise $112 billion Wednesday morning to about $405 billion. That’s above Musk’s net worth of approximately $390 billion.

Oracle shares jumped 39% Wednesday morning on Wednesday and were on pace for their largest percentage increase since December 1992.

In its earnings report late Wednesday, Oracle said that its backlog of work, known as remaining performance obligations, had risen to $455 billion, up from $138 billion in the prior quarter.

Oracle stock has now risen 103% this year, while Tesla shares are down 12% over the same period

Write to Angela Palumbo at angela.palumbo@dowjones.com