Tech billionaire Larry Ellison saw his wealth soar as shares of Oracle hit a record high, catapulting him to the third spot on Forbes’ billionaires list. The Oracle co-founder’s fortune increased by a staggering $18 billion in one day.
Oracle Stock Hits New Heights
Ellison’s net worth rose from $173.3 billion to $191.7 billion, surpassing Mark Zuckerberg and Bernard Arnault. Ellison now trails only Elon Musk and Jeff Bezos on the list of the world’s richest people. Oracle’s stock surged by 14.7%, reaching a new all-time high of $160.50 per share, breaking the previous record set in July.
Earnings Report Drives Growth
The stock rally followed Oracle’s quarterly earnings report, which exceeded expectations for both revenue and profit. Bernstein analyst Mark Moerdler noted it was “all good news for Oracle,” reflecting strong performance across the board.
Oracle’s Growing Influence
On Tuesday, Oracle’s market capitalization jumped from $386 billion to $435 billion, making it the 17th-largest U.S. public company. The surge helped Oracle surpass major companies like Costco, Johnson & Johnson, and Procter & Gamble.
Expanding Partnerships
Oracle also announced a key partnership with Amazon Web Services (AWS), allowing AWS customers to integrate Oracle’s AI tools within the Amazon cloud. This deal adds to Oracle’s existing partnerships with Google and Microsoft, positioning it as a major player in cloud computing.
Ellison’s Broader Influence
Ellison, now 80 years old, co-founded Oracle in 1977 and serves as its chairman and head of technology. Aside from Oracle, he is set to become the controlling shareholder of Paramount and remains active in politics, notably supporting Sen. Tim Scott for the 2024 GOP presidential nomination.
Larry Ellison’s rapid ascent in wealth showcases the increasing influence of Oracle in the global tech landscape.
