Larry Ellison, founder of database software company Oracle Corporation, has become the fifth richest person in the world, surpassing Bill Gates’s wealth.
According to a Bloomberg Billionaires Index report, Ellison’s net worth climbed by $14.1 billion in a single day to reach $168 billion, securing him the fifth spot on the list.
Since Bloomberg started tracking Ellison’s wealth in 2012, this result marks the highest single-day increase for his business. With this surge, Ellison now holds $10 billion more than Bill Gates, whose net worth is $158 billion.
Bloomberg also reported that Ellison’s net worth has increased by $45 billion this year alone. Industry insiders indicate that a significant portion of Ellison’s wealth comes from his shares in Oracle Corporation. He reportedly holds about $10 billion in Tesla stock.
The chairman of Oracle Corporation is known for leading a luxurious lifestyle; among his holdings are an America’s Cup yacht team and approximately 98% of Hawaii’s sixth-largest island.
The $10.52 billion increase in Ellison’s wealth is believed to stem from Oracle’s stock performance, which has benefited from a boom in AI. On September 9, Oracle announced that its cloud computing business is thriving and is focusing on expanding its cloud infrastructure to compete with Amazon, Microsoft, and Google.
Oracle’s earnings for the first quarter of its fiscal year exceeded analysts’ expectations of $1.33 per share, reaching $1.39, positively impacting the stock price.
As a result, Oracle’s stock surged by about 11%, enabling founder and CEO Larry Ellison to secure his position as the fifth richest person in the world.
According to reports, Oracle is designing a data center that will use over 1 gigawatt of power. After completion, the facility plans to supply power using three small nuclear reactors and will provide database services to Amazon Web Services (AWS), following Microsoft and Google.
According to Bloomberg’s Billionaires Index, Tesla CEO Elon Musk has the highest net worth in the world, with a fortune of $248 billion.
Following Musk, the second to fourth richest individuals are Amazon founder Jeff Bezos ($202 billion), Bernard Arnault, chairman of French luxury goods conglomerate LVMH ($180 billion), and Meta Platforms (Facebook’s parent company) CEO Mark Zuckerberg ($179 billion).
Under Larry Ellison’s leadership, Oracle appears to be accelerating its transition into a cloud company.
Industry sources report Oracle is introducing generative AI agents for its Oracle Corporation Cloud Infrastructure (OCI) and is expanding partnerships with other cloud infrastructures. The company is rapidly growing in the cloud market, as evidenced by launching services that allow users to access Oracle Corporation databases through Amazon Web Services (AWS) and Google Cloud.
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