KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Key Takeaways:
Larry Ellison’s fortune jumped US$70 billion overnight, bringing his net worth to US$364 billion.
Now within US$20 billion of Elon Musk (US$384 billion), per Bloomberg Billionaires Index.
Boost driven by Oracle’s 26% after-hours surge — its largest single-day gain since 1999.
Oracle shares already up 45% YTD prior to results, powered by cloud growth outlook.
Oracle Fuels Ellison’s Wealth Spike
Larry Ellison, co-founder, chairman, and CTO of Oracle Corp, saw his fortune jump to US$364 billion after the company’s blowout quarterly results. Oracle posted a major increase in bookings and delivered an aggressive cloud infrastructure outlook, sending shares soaring 26% in extended trading.
That after-hours move represents Oracle’s largest single-day surge since 1999, adding an unprecedented US$70 billionto Ellison’s net worth. If sustained, it will be the biggest one-day gain ever recorded by the Bloomberg Billionaires Index.
Musk vs. Ellison: Billionaire Rivalry
Elon Musk’s net worth: US$384B, still the world’s richest, but Tesla shares are down 14% YTD, trimming his lead.
Larry Ellison’s net worth: US$364B, now just US$20B shy of overtaking Musk.
Musk first topped the index in 2021, later losing to Jeff Bezos and Bernard Arnault, before reclaiming the title in 2024. He has held it for over 300 days — but Ellison’s surge could soon change that.
Oracle’s Market Momentum
Oracle shares had already climbed 45% this year through Tuesday’s close, before the latest surge. The driver: strong demand for Oracle’s cloud services, particularly as enterprises scale up AI-related infrastructure.
Ellison, 81 years old, has the bulk of his wealth tied directly to Oracle stock, making him uniquely leveraged to its market performance.
Bottom Line
Larry Ellison’s historic US$70B wealth jump underscores the market’s renewed confidence in Oracle’s cloud trajectory. With Musk’s Tesla under pressure, Ellison is now within striking distance of becoming the world’s richest person — potentially dethroning Musk in the coming sessions.
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