"Oracle's cofounder and tech chief was worth $199 billion at Wednesday's close, down from $247 billion at the start of January, per the Bloomberg Billionaires Index. A 5% slump in Oracle stock on Wednesday erased about $9 billion from his fortune. Investors have been offloading software stocks following Anthropic's release last week of plugins for its Claude Cowork AI agent, designed to automate legal, sales, finance, marketing, and data analysis tasks for corporations."
"Tools of that kind threaten to reduce companies' need to pay for external software from industry giants such as Adobe, Salesforce, Intuit, and Atlassian. Those companies and their peers saw their stock prices tumble earlier this week before rebounding on Wednesday, as some investors may have seen the sell-off as overdone. Ellison was one of several Big Tech bosses who saw sharp wealth declines on Wednesday, per Bloomberg's rich list."
Larry Ellison's net worth fell from $247 billion to $199 billion in 2026 after a steep decline in Oracle's stock, amounting to a $49 billion loss. A 5% slump on Wednesday erased about $9 billion as investors sold software shares following Anthropic's release of Claude Cowork plugins that automate corporate legal, sales, finance, marketing, and data-analysis tasks. Those AI tools threaten demand for external enterprise software from Adobe, Salesforce, Intuit, and Atlassian. Several Big Tech executives also saw significant wealth declines as stock prices fell. Oracle has pursued AI partnerships with Nvidia and OpenAI while facing concerns about aggressive spending and rising debt.
Read at Business Insider
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