Larry Ellison
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Larry Ellison, co-founder and chairman of Oracle Corporation, has surpassed Elon Musk to become the world’s richest person, with an estimated net worth of $393 billion, according to Bloomberg’s Billionaires Index. This change in fortune is attributed to a significant surge in Oracle’s stock price, driven by the company’s strong quarterly results and growing demand for its cloud infrastructure services, particularly from artificial intelligence companies. Oracle’s shares jumped over 40% to $340 each, valuing the software company at $958 billion.
The boost in Oracle’s stock price is a result of the company’s better-than-expected earnings, mainly driven by growing demand for cloud computing services and contracts from AI companies like OpenAI and Meta. With a 41% stake in Oracle, Ellison’s net worth grew by $101 billion in just one day, making it the biggest single-day wealth increase ever recorded. This surge in wealth has catapulted Ellison to the top of the global rich list, edging out Musk’s $385 billion.
Ellison’s wealth is not limited to Oracle; he also holds stakes in Tesla, owns a private island in Hawaii, and has invested in various other ventures, including a sailing team and the Indian Wells Open tennis tournament. The 81-year-old billionaire has made history by surpassing Musk to become the world’s wealthiest person, proving that the AI and cloud boom is reshaping global wealth.
It’s worth noting that Forbes values Ellison’s net worth at $401 billion, while Bloomberg’s estimation stands at $393 billion, highlighting the fluidity of billionaire rankings. Ellison has also been involved in philanthropy, signing the Giving Pledge and committing to donate 95% of his wealth during his lifetime. He has contributed $200 million to the University of Southern California to fund a cancer treatment center.
