Tech billionaire Larry Ellison saw a significant increase in his net worth on Tuesday as shares of his cloud computing firm Oracle hit an all-time high, propelling him to the third spot on Forbes’ list of billionaires. Ellison’s fortune grew by about $18 billion, bringing his net worth to $191.7 billion and surpassing Mark Zuckerberg and Bernard Arnault. The 80-year-old Ellison now trails behind only Elon Musk and Jeff Bezos as the richest individuals in the world.
The surge in Oracle’s stock price on Tuesday, rising as much as 14.7% to $160.50 per share, came after the company’s quarterly earnings report exceeded analyst estimates. Oracle’s market capitalization also increased from $386 billion to about $435 billion, making it the 17th-largest American public company. This growth in value pushed Ellison’s wealth to new heights, solidifying his position as one of the wealthiest people globally.
In addition to the positive financial performance, Oracle signed a partnership with Amazon Web Services (AWS) to allow AWS customers to utilize Oracle artificial intelligence applications within the Amazon cloud. This collaboration complements Oracle’s existing partnerships with Google and Microsoft, establishing a strong presence for the company in the cloud computing sector. Ellison, who co-founded Oracle in 1977, plays a significant role as chairman and head of technology in the firm’s operations.
Ellison’s influence extends beyond Oracle as he has been an active participant in various business and political endeavors. He previously sat on Tesla’s board of directors and is positioned to become the controlling shareholder of CBS parent Paramount. Known for his outspoken nature, Ellison is also a major supporter of Republican causes, contributing significantly to the backing of Senator Tim Scott as the GOP presidential nominee.
Overall, Ellison’s rise to the third spot on Forbes’ billionaires list reflects the success of Oracle and his strategic initiatives in the business world. With the company’s recent financial performance and strategic partnerships, Ellison’s fortune continues to grow, solidifying his status as one of the most affluent individuals globally. As he navigates the ever-evolving tech industry, Ellison’s leadership and influence are likely to shape the future of Oracle and the broader technology sector.
