"Larry Ellison is the founder of Oracle Corp. ( NYSE: ORCL), where he still serves as board chair at 80. His company announced mediocre earnings, but he said cloud revenue, driven by AI, would reach $144 billion by its 2030 fiscal year. Although he could not provide much support for the comment, Oracle's stock surged 28% to an all-time high. It took Ellison's net worth up $70 billion to $364 billion, just shy of Elon Musk's $384 billion."
"Ellison started Oracle in 1977. It is primarily a cloud computing and database company. He never graduated from college, and he is now 80 years old. Oracle's growth has exploded. Ten years ago, its revenue was $38 billion. In 2024, it was $53 billion. It is also viewed as one of the top AI companies in the world. Just discussing an artificial intelligence future for a tech company has helped lift stock prices."
Larry Ellison founded Oracle in 1977 and remains board chair at 80. Oracle reported mediocre earnings while projecting cloud revenue, driven by AI, to reach $144 billion by fiscal 2030 despite limited supporting detail. The projection triggered a 28% stock surge to an all-time high, lifting Ellison's net worth by $70 billion to $364 billion, close to Elon Musk's $384 billion. Oracle's revenue grew from $38 billion ten years ago to $53 billion in 2024, and the company is considered a leading AI firm. Ellison owns 40% of Oracle and has invested in luxury assets, including a 454-foot yacht and most of Lanai. A further Oracle gain or Tesla setback could make Ellison the richest person.
Read at 24/7 Wall St.
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