AsianFin -- Oracle co-founder and CEO Larry Ellison has overtaken Tesla’s Elon Musk as the world’s richest person, marking his first time at the top of the Bloomberg Billionaires Index.

Ellison’s net worth jumped by $101 billion on Wednesday to reach $393 billion, surpassing Musk’s $385 billion. The surge was fueled by Oracle’s stock, which soared as much as 43% during intraday trading, its biggest single-day gain on record.

The rally reflected investor enthusiasm after Oracle projected its AI-powered cloud revenue will hit $144 billion by fiscal 2030, a massive leap from less than $20 billion this year.