"The 81-year-old cofounder of software giant Oracle is on the verge of beating out Elon Musk for the title of world's richest person. Ellison, who cofounded Oracle in the '70s and is still its chief technology officer and executive chairman, saw his net worth skyrocket over the past day to $364 billion, just short of Musk's $384 billion, according to the Bloomberg Billionaire's Index."
"Ellison's wealth rose by $70 billion overnight after Oracle's stock exploded by double digits after close Tuesday. On Wednesday, Oracle's shares continued their upward trajectory, up about 40% in early morning trading. The value of the company's shares has, as of Wednesday, doubled year-to-date. Ellison owns more than 40% of Oracle, and much of his wealth is tied to the company, according to ."
"Oracle has benefitted from large infrastructure investments in its role as a cloud provider and its services have been highly sought after by data-hoarding AI companies since the release of ChatGPT set off an arms race for advanced large language models (LLMs) in 2022. The company said in its most recent quarter it won several contracts expected to yield $455 billion in revenue, a huge jump from the year prior, theWall Street Journalreported."
Larry Ellison, age 81, saw his net worth jump to about $364 billion, closing in on Elon Musk's $384 billion. Oracle's shares spiked double digits after Tuesday's close and rose roughly 40% in early Wednesday trading, with the stock having doubled year-to-date. Ellison owns over 40% of Oracle, linking most of his wealth to the company. Oracle has won several large contracts expected to yield $455 billion in revenue, driven by demand from AI companies and heavy infrastructure investments. CEO Safra Catz said more multibillion-dollar customers are expected before year-end, and gains moved Ellison ahead of Mark Zuckerberg in wealth rankings.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]