Larry Ellison has overtaken Elon Musk for the first time on the list of the world’s wealthiest individuals, as his net worth surged following Oracle’s latest quarterly earnings, which exceeded analysts’ expectations.

According to Bloomberg’s Billionaires Index, Ellison’s wealth increased by $101 billion, bringing his total net worth to $393 billion. This marks the largest single-day increase ever recorded by the Bloomberg Index.

The surge came after Oracle announced outstanding quarterly results, surpassing analyst forecasts and projecting further growth in the future. The company highlighted increased orders and optimistic projections for its cloud infrastructure business, driving investor confidence.

Ellison, 81, who co-founded Oracle and currently serves as its chairman and chief technology officer, holds the majority of his wealth tied to the software giant. Oracle’s stock, which had already risen 45% this year up to Tuesday, jumped another 41% on Wednesday following the earnings announcement—a record single-day increase for the company.

In contrast, Tesla shares, led by Elon Musk, have declined 13% this year. Although Tesla proposed a massive compensation package for Musk, which could make him the world’s first trillionaire if he meets a series of ambitious performance targets, the company’s stock has not matched the rapid growth seen at Oracle.

Ellison’s leap past Musk underscores the volatility of the tech sector and highlights Oracle’s resurgence as a powerhouse in cloud infrastructure.