Executive chairman now $110 billion richer
Larry Ellison, the American tech entrepreneur and co-founder of Oracle, saw hit net worth rise to $393 billion USD on Wednesday after the company reported better than expected financial results and significant cloud growth projections over the next five fiscal years.
That report saw Oracle shares surging over 40 per cent on Wednesday, resulting in both the largest single-day share increase in Oracle’s history and the largest one-day wealth increase on the Bloomberg billionaires index. It now puts Ellison ahead of Musk’s $384 billion net worth.
Ellison is 81 years old and founded Oracle in 1977. The company has been a silicon valley standby, providing enterprises with database software as well as cloud computing software and hardware. It has been a beneficiary of the AI boom with cloud computing contracts with OpenAI, xAI, Meta, Nvidia, and others. In the earnings report, cloud computing revenues for the company were projected to grow from $10 billion in 2025 to $144 billion by 2030.
While Ellison is no longer CEO of Oracle, he owns a 41 per cent stake in the company and serves as its chief technology officer and chairman.
