Larry Ellison has dethroned Elon Musk to become the world’s richest person with a net worth of $393 billion. Oracle’s Chief Technology Officer (CTO) saw his wealth increase by $101 billion as of 10:10 a.m. in New York, following Oracle Corp.‘s exceptional quarterly performance, according to Bloomberg.The 81-year-old executive’s net worth expanded significantly after Oracle Corp. presented an optimistic forecast for its cloud operations, resulting in a substantial rise in its share price.The Bloomberg Billionaires Index indicates that Ellison’s wealth reached $393 billion, surpassing Musk’s $385 billion, as recorded at 10:10 a.m. in New York. This single-day increase represents the highest gain ever documented by the index.Ellison’s ownership of approximately 1.16 billion Oracle shares, which increased 40% to $338 on Wednesday morning, contributed to this wealth accumulation. The company’s shares experienced a dramatic rise after Oracle announced an unexpectedly strong growth projection on Tuesday evening.Larry Ellison, a college dropout, went on to establish Oracle Corp., which became one of the world’s leading technology enterprises. In July this year, he surpassed Mark Zuckerberg to claim the position of second-richest person globally, and within two months, he has overtaken Elon Musk.His remarkable financial success has been paired with an extravagant lifestyle. His acquisitions include megayachts, private aircraft, prestigious properties and a Hawaiian island, according to a Bloomberg report.
Who is Larry Ellison?
Larry Ellison serves as co-founder and principal shareholder of Oracle, a prominent software organisation renowned for its database system, which supports numerous major corporate operations worldwide. The company has recently achieved success in cloud computing infrastructure, a sector where Amazon.com Inc. maintains significant influence.At 81, Ellison maintains ownership of over 40% of Oracle, now based in Austin, Texas, which forms the primary component of his assets. His portfolio includes investments in Tesla Inc., a sailing organisation, the Indian Wells tennis tournament, and substantial property holdings, including Hawaii’s Lanai island.Adopted at nine months old by his mother’s aunt and uncle, Ellison grew up in Chicago’s south side. After leaving studies at both the University of Illinois and the University of Chicago, he relocated to Berkeley, California. There, he secured employment at Ampex as a computer programmer, where he contributed to developing a database called Oracle for the Central Intelligence Agency.In 1977, Ellison, along with two partners, established the company that would later become Oracle. The company went public on March 12, 1986, just one day before Microsoft Corp.’s IPO. After serving as Oracle’s chief executive officer until September 2014, he transitioned to the roles of chairman and chief technology officer.
Why are Oracle shares soaring?
Oracle’s current surge in prominence stems from its substantial investments in cloud infrastructure services, providing internet-based computing and storage capabilities. The company’s market position has strengthened considerably due to the growing demand from AI companies and startups seeking additional computing capacity.Oracle’s shares experienced remarkable growth, with values tripling since ChatGPT’s public debut in November 2022. The company’s success continued with significant achievements earlier in the year. A notable milestone occurred when Oracle secured a substantial 4.5-gigawatt data centre capacity agreement with OpenAI, ChatGPT’s operator, in July. The company’s client portfolio includes prominent tech firms like Nvidia Corp. and ByteDance Ltd.’s TikTok. These developments position Oracle as a significant competitor to established cloud service providers Amazon, Microsoft and Alphabet Inc.’s Google.The company’s standing has been enhanced by Ellison’s connections with US President Donald Trump, the Bloomberg report said. As a long-term Republican donor and Trump supporter, Ellison has seen Oracle receive increased recognition since Trump’s return to office in January.Oracle participates in the $500 billion Stargate AI infrastructure initiative, announced by Trump in January. The administration supports Oracle’s potential acquisition of TikTok’s US operations, which would grant Oracle ownership in a globally popular consumer platform. While Trump endorses Oracle’s joint bid for ByteDance’s video application, Chinese authorities have yet to approve the transaction.
Larry Ellison’s investments
According to Bloomberg, Ellison has invested extensively in luxury properties across the United States over the last ten years. His portfolio includes residences in Malibu and Rancho Mirage, California, the historic Beechwood Mansion in Newport, Rhode Island, and a Japanese-influenced estate in the San Francisco Bay Area.As a significant Tesla investor, Ellison held approximately 1.5% ownership according to the company’s 2022 proxy statement. Following his departure from Tesla’s board in June 2022, his current shareholding remains undisclosed. He was also a substantial supporter of Musk’s acquisition of Twitter, now known as X.The Oracle founder’s lifestyle choices reflect his considerable wealth. A 2002 communication from his accountant, referenced in a January 2006 San Francisco Chronicle article, advised him to exercise more financial restraint. Ellison maintains his standard of living through a combination of debt financing and proceeds from Oracle shares and dividends, which have exceeded $12 billion since 2003, based on Bloomberg’s data analysis.
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