Oracle co-founder, Larry Ellison, has toppled Elon Musk to become the world’s richest person, ending the Tesla boss’s nearly year-long reign at the top of the Bloomberg Billionaires Index.

Bloomberg reports that Ellison’s fortune surged by a record $101bn on Wednesday after Oracle reported quarterly results that beat expectations and signalled further growth in its cloud business.

The increase lifted his wealth to $393bn, putting him ahead of Musk, whose net worth now stands at $385bn.

The 81-year-old tech billionaire’s gains mark the biggest one-day jump ever recorded on Bloomberg’s index.

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Oracle’s shares, which had already risen 45 per cent this year, soared 41 per cent after the company announced strong bookings and an upbeat outlook for its cloud infrastructure unit.