Oracle CEO Larry Ellison’s net worth surged by over $15 billion on Wednesday, thanks to a spike in Oracle’s stock price. This increase closed the gap between Ellison and Meta CEO Mark Zuckerberg, currently the fourth-richest person in the world. Ellison’s net worth now stands at $169 billion, with a substantial portion coming from his 40% equity stake in Oracle. Despite this significant boost, he still trails behind Zuckerberg by $10 billion and Elon Musk, the world’s richest man and a close friend of Ellison, by $50 billion.
The surge in Oracle’s stock price came after the company’s Tuesday afternoon earnings report, which exceeded market expectations. Despite reporting lower revenue and profits than anticipated, Oracle shared a positive revenue outlook for the upcoming fiscal year and announced new artificial intelligence deals with companies like ChatGPT parent OpenAI. This focus on AI technology was well-received by investors, with Deutsche Bank analysts highlighting the strong demand for AI as a key driver of Oracle’s stock rally.
Ellison, known for his flamboyant personality and ventures outside of Oracle, has recently made headlines for his financial support of Sen. Tim Scott in the GOP primary and rumors of his son’s failed attempt to acquire CBS parent Paramount. Oracle, like other tech companies such as Apple and Microsoft, is benefiting from the ongoing race to develop AI technology, leading to a surge in stock prices across the industry. While Ellison briefly held the title of the third-richest person in the world after Oracle’s June 2023 earnings report, he was surpassed by Jeff Bezos and Zuckerberg as shares of Amazon and Meta outperformed Oracle.
News of Ellison’s significant increase in net worth underscores the continued financial success of tech industry leaders. With companies like Oracle making strides in AI technology and striking lucrative deals, investors are closely following their performance on the stock market. As Ellison closes in on Zuckerberg in wealth rankings, the dynamics of the world’s wealthiest individuals are evolving, reflecting the ever-changing landscape of the technology sector. The rally in Oracle’s stock price serves as a reminder of the sector’s resilience and ability to thrive in challenging economic environments, offering opportunities for investors and industry stakeholders alike.
