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There was a moment , during the pandemic-fueled growth days of 2020, when Salesforce surpassed Oracle by market cap. Marc Benioff had finally toppled his mentor, Larry Ellison .

That moment is long gone.

Salesforce's stock price has dropped 25% this year, the worst performance in large-cap tech and the second-steepest decline in the Dow, beating only UnitedHealth . Meanwhile, Oracle has jumped 34%, outperforming most of its peers and well outpacing the major indexes.

The two companies that were once about even by valuation are now separated by about $400 billion. Oracle is worth $630 billion, and Salesforce has dropped to $239 billion. Ellison now ranks second behind Elon Musk

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