Larry Ellison is worth $15 Billion richer after oracle's best day on stock market since 2021
Larry Ellison, the co-founder and former CEO of Oracle Corporation, experienced a substantial increase in his net worth, amounting to an additional $15 billion. This surge in wealth followed Oracle's outstanding performance in the stock market, marking its most impressive day since 2021. As one of the most prominent figures in the technology industry, Ellison's fortunes are closely tied to the success of Oracle, the multinational computer technology corporation he co-founded in 1977. Despite stepping down from his role as CEO in 2014, Ellison remains actively involved in the company as its chairman and chief technology officer. Oracle's recent stock market success can be attributed to a variety of factors, including strong financial performance, favorable market conditions, and investor confidence in the company's future prospects. This surge in stock value not only benefits shareholders like Ellison but also reflects positively on Oracle's position within the technology sector. Ellison's significant increase in wealth underscores his enduring influence and impact within the technology industry, as well as his continued success as a business leader and entrepreneur. As Oracle continues to navigate the ever-evolving landscape of technology and innovation, Ellison's wealth and legacy are likely to remain closely intertwined with the company's fortunes.
Larry Ellison, the founder of Oracle, experienced a significant increase in his net worth, amounting to a $15 billion gain on Tuesday. This surge came after shares of Oracle, the software company he started in 1977, had their best day in over two years, closing at a record high.
As Oracle's largest shareholder, Ellison's stake in the company is now valued at approximately $146 billion, making him the fifth-wealthiest person globally, according to Forbes. His net worth places him just behind Meta CEO Mark Zuckerberg and ahead of Warren Buffett.
The surge in Oracle's stock price, which soared 12% to close at $127.54, followed the software vendor's report of fiscal third-quarter earnings that surpassed analysts' expectations. Revenue in Oracle's cloud services and license support segments also exceeded estimates, climbing by 12%.
Despite Oracle's late entry into cloud infrastructure and its relatively peripheral role in the recent artificial intelligence boom, increased demand for the company's AI technology has allowed Ellison to highlight Oracle's expansion in this rapidly growing market. Ellison, who serves as Oracle's chief technology officer, emphasized the company's investment in AI data centres during the earnings call, stating that they are building some of the largest AI data centres in the world.
Over the past year, Oracle's shares have surged by 52%, significantly boosting Ellison's net worth by approximately $50 billion. This growth has outpaced the performance of the S&P 500, which has gained 34% during the same period.
In contrast to Jeff Bezos, the founder of Amazon, who has been selling off portions of his Amazon shares, Ellison has retained all of his Oracle stock. According to FactSet, Ellison's last transaction involving Oracle stock was a purchase of 7,000 shares in 2022, and he has not sold any shares since 2016.
Bezos, on the other hand, has sold over 50,000 Amazon shares this year alone, including a recent sale of more than 14 million shares valued at approximately $2.4 billion in mid-February.
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