"Larry Ellison, the 81-year-old co-founder of Oracle, has leapfrogged Elon Musk to become the world's richest individual after a surge in demand for artificial intelligence services sent Oracle shares soaring. The company's stock jumped more than 40 per cent in New York trading on Wednesday, boosting Ellison's net worth by $101 billion in a single day and taking his total fortune to $393 billion, according to Bloomberg's Billionaires Index."
"The dramatic rise underscores the extraordinary wealth being generated by the AI boom, which is transforming the fortunes of technology companies and their founders. Ellison, who still owns 41 per cent of Oracle, co-founded the software giant in 1977 and has been its driving force for nearly five decades. Today, the group is reaping record demand for cloud computing services as businesses invest heavily in generative AI."
"Ellison's business interests extend far beyond Oracle. He has a stake in Tesla, owns the Hawaiian island of Lanai, and bankrolls SailGP, the global yacht racing league he launched in 2019. Known for his lavish lifestyle, he has also built a family dynasty, with his son David Ellison now at the helm of Paramount following a high-profile takeover, which saw the Stephen Colbert Show cancelled allegedly to ensure the takeover passed President Trump's media watchdog."
Larry Ellison became the world's richest individual after Oracle shares surged amid strong demand for artificial intelligence services, lifting his net worth by $101 billion to $393 billion. Oracle stock jumped more than 40 per cent in New York trading, according to Bloomberg's Billionaires Index. Ellison still owns 41 per cent of Oracle, which he co-founded in 1977 and has led for nearly five decades. The company is experiencing record demand for cloud computing services as businesses invest heavily in generative AI. Ellison's wider holdings include a stake in Tesla, ownership of Lanai, and funding of SailGP; his son David now leads Paramount after a high-profile takeover.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]