Larry Ellison, the co-founder and CTO of US tech giant Oracle, has just snatched the title of the world’s richest person from Tesla CEO Elon Musk. This big shift comes after a massive jump in Ellison’s wealth, thanks to Oracle’s shares skyrocketing.
According to Forbes’ real-time billionaire list, Ellison’s net worth soared by $101 billion, pushing it to a whopping $395.7 billion. The trigger? Oracle’s stock surged 41% on the New York Stock Exchange (NYSE) on Wednesday – the biggest single-day gain since 1992. In contrast, Elon Musk’s fortune took a hit as Tesla shares dropped 14% this year.
What sparked this Oracle stock rally? The company shared an exciting outlook for its cloud business, racing to keep up with the booming demand for artificial intelligence (AI) computing. This news bumped Oracle’s market value to $947 billion.
Musk had held the top spot on the global wealth rankings for 300 days straight. He first became the richest person in 2021 and reclaimed it last year after a brief tussle with Amazon’s Jeff Bezos and LVMH’s Bernard Arnault.
At 80 years old, Ellison remains Oracle’s Chairman and Chief Technology Officer. He started the company back in 1977 and led it as CEO until 2014. Most of his fortune is tied to Oracle, whose shares had already climbed 45% this year before this latest boom.
Looking ahead, Oracle predicts strong growth: total revenue up 12-14% and cloud revenue jumping 32-36% in the second quarter. The company is also making waves in AI, teaming up with OpenAI and SoftBank for the US government’s Project Stargate under President Donald Trump.
Ellison has been outspoken about Oracle’s AI plans, even predicting that AI could usher in a new age of surveillance to boost public behavior through constant monitoring and reporting.
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