Larry Ellison makes $1billion OVERNIGHT ... overtakes Mark Zuckerberg on the rich list

                                                                

Mark Zuckerberg (left) has dropped one place on the world's rich list after Larry Ellison (right) made $1.3bn overnight after shares in his company rose

Just making money!

    Larry Ellison took the sixth position on the world's super rich list in a day
    The Oracle Corporation's founder is now worth $48.7billion, up $1.3billion
    Pushed Facebook CEO, worth $48.3billion, down to seventh place  

Continue to story ......

Internet entrepreneur Larry Ellison has made more than $1billion overnight, leapfrogging Mark Zuckerberg in the global rich list.

Ellison, founder and chairman of computer technology giant Oracle Corporation, added $1.3billion to his net worth after investors gave a positive response to the company's latest earnings report.

The 71-year-old is currently worth $48.7billion, making him the sixth richest person in the world, ahead of the Facebook founder, who held the spot on Tuesday, Forbes reported.

Zuckerberg is worth $48.3billion, up $100 million, but not enough to maintain his position in the global wealth rankings.

Oracle's stock is up nearly 4 per cent from Tuesday's close in New York, despite the business reporting a fall in profits.

The two tech entrepreneurs and billionaires hold the vast majority of their wealth in their companies' shares, so market movements can have a big impact on their net worth.

Mr Ellison founded Oracle Corporation in 1977, which now specializes in developing and marketing database and software technology and and cloud engineered systems - it is the second biggest software company in the world after Microsoft. 

Photo: AFP/Getty Images

Mark Zuckerberg, pictured with his wife Priscilla Chan and daughter Max, is worth $48.3 billion and has pledged to give away 99 per cent of his Facebook shares over his life

The New York born billionaire has donated up to 1 per cent of his wealth to charity and good causes and has signed the Giving Pledge.

The pledge was promoted by Bill Gates and Warren Buffett to encourage the super rich to give away the majority of their wealth to philanthropy and is supported by Zuckerberg, who has also signed up and is active in giving to global causes. 

After announcing the the birth of his daughter Max in 2015, Zuckerberg and his wife Priscilla Chan, said they would donate 99 per cent of Facebook shares, then valued at $45 billion, to their new charitable foundation focusing on health and education.

Bill Gates remains at the top of the world’s richest billionaires' list - a position he has occupied for the 17 of the past 22 years.

The 60-year-old Microsoft head is $4.2billion poorer than 2015, but his net worth of $75billion still allows him to comfortably take the top spot. 

The top 5 list

Photo: Bloomberg/Getty Images
With a net worth of $75billion, Microsoft head Bill Gates hit the top spot on Forbes' 2016 World Billionaires list for the third year in a row

Zara’s Amancio Ortega (left) is worth $67billion. Warren Buffett (right), 85, of Berkshire Hathaway came in third on the billionaires list, with a net worth of $60.8billion

Mexico's Carlos Slim Helu (left) came in fourth on the list with $50billion, while Amazon.com's Jeff Bezos (right) took the fifth spot on the billionaires list with $45.2billion

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