Larry Ellison, founder of the American database software company Oracle, emerged as the ‘5th richest person in the world’ in just one day, surpassing Bill Gates’ wealth level, attracting high interest in him.
According to Bloomberg on the 10th, Ellison’s net worth increased by $14.1 billion in one day to reach $168 billion, recording $225 billion and securing the 5th spot.
This result was the highest daily asset increase since Bloomberg began tracking Ellison’s wealth in 2012. With this increase, Ellison now holds assets that are $10 billion more than Microsoft founder Bill Gates’ net worth of $158 billion.
Moreover, Bloomberg reported that Ellison’s net worth has increased by $45 billion this year. A significant portion of Ellison’s wealth is known to be in Oracle stock. Additionally, Ellison is confirmed to own about $10 billion worth of Tesla shares.
In fact, Ellison is known to own the America’s Cup yacht team and about 98% ownership of the 6th largest island in Hawaii, enjoying a luxurious lifestyle.
The increase in Oracle’s stock value, which raised Ellison’s wealth by about $19 trillion in just one day, is speculated to be influenced by the strong performance due to the AI boom. On the 9th, Oracle announced that its cloud computing business is performing well and is focusing on expanding its cloud infrastructure business to compete with the ‘big 3’ in the cloud field – Amazon, Microsoft, and Google.
In Oracle’s first quarter fiscal year (June to August), the company’s earnings per share of $1.39 exceeded analysts’ expectations of $1.33, positively impacting the stock price. As a result, Oracle’s stock price surged by about 11%, allowing founder and CEO Larry Ellison to solidify his position as the 5th richest person in the world.
In addition, Oracle is reportedly designing a data center that uses more than 1GW of power. After the data center is completed, it plans to supply power through 3 small nuclear reactors and provide database services to Amazon Web Services (AWS) following Microsoft and Google.
According to Bloomberg’s Billionaires Index on that day, Elon Musk, CEO of Tesla, emerged as the person with the most net worth in the world, with $248 billion.
The 2nd to 4th richest people in the world are reported to be Amazon founder Jeff Bezos ($202 billion), LVMH Chairman Bernard Arnault ($180 billion), and Meta Platforms (Facebook’s parent company) CEO Mark Zuckerberg ($179 billion).
Meanwhile, Oracle, led by Larry Ellison, is believed to be accelerating its progress as a cloud company.
According to industry sources, Oracle is introducing generative AI agents that can be used in Oracle Cloud Infrastructure (OCI) and expanding cooperation with other cloud infrastructures. Especially with the launch of services that allow the use of Oracle DB in Amazon Web Services (AWS) and Google Cloud, Oracle is seen accelerating its cloud expansion.