Oracle CEO Larry Ellison saw a significant increase in his net worth on Wednesday, with a $15 billion jump that brought his total to $169 billion. This boost in wealth moved Ellison closer to Meta CEO Mark Zuckerberg, the world’s fourth-richest person. Despite this increase, Ellison is still behind Elon Musk, who holds the title of the world’s richest man and is a close friend of Ellison.
The surge in Ellison’s net worth came as Oracle’s stock rose by more than 10% to reach an all-time high of $140 per share following the company’s Tuesday earnings report. While Oracle reported lower revenue and profits than expected, the stock soared after the company provided better revenue guidance for the upcoming fiscal year and showcased artificial intelligence deals with companies like ChatGPT parent OpenAI. Analysts noted that the demand for AI was a key factor driving Oracle’s stock performance.
Ellison, a well-known figure in Silicon Valley, has recently been in the spotlight for his financial support of Senator Tim Scott in the GOP primary and potential vice presidential pick speculation. Additionally, his son’s failed attempt to acquire CBS parent Paramount has garnered attention. Oracle is among the companies benefiting from the AI arms race, with technology giants like Apple and Microsoft also seeing their stocks hit all-time highs on Wednesday. Although Ellison briefly held the title of the third-richest person in the world after Oracle’s June 2023 earnings report, he was soon surpassed by Jeff Bezos and Zuckerberg as their companies’ shares outperformed Oracle’s.
With his net worth standing at $169 billion, Ellison is now only $10 billion behind Zuckerberg and is significantly behind Musk, who leads the list of the world’s richest individuals. Ellison’s wealth is largely tied to his approximately 40% equity stake in Oracle, which has contributed to his rapid increase in net worth amid the company’s recent stock performance. Oracle’s success in the AI sector has also played a key role in boosting the company’s stock price and Ellison’s wealth, as the demand for artificial intelligence technologies continues to drive growth in the tech industry. As Oracle continues to pursue innovation and strategic partnerships in the AI space, Ellison’s net worth and the company’s market performance are poised for further growth.
