The artificial intelligence boom has helped propel Oracle (ORCL) founder Larry Ellison above Microsoft (MSFT) founder Bill Gates to the fourth spot on the Bloomberg Billionaires Index as of Monday.
According to Bloomberg, Ellison is now the fourth-wealthiest individual in the world with a remarkable $129.8 billion net worth. Bloomberg estimated Gates’ wealth at $129.1 billion, thus he narrowly surpassed it. According to the source, this is the first year that Ellison has a higher net worth than Gates and is placed higher than number five on the list.
Ellison announced his retirement from his position as CEO of Oracle in 2014, but he remained with the firm. After thereafter, he took on the roles of chairman and chief technology officer at the tech firm, where he has since amassed the majority of his fortune.
As of Monday’s market close, Oracle’s stock was trading at $116.50, an increase of more than 42% year to date. Oracle’s earnings report for the fiscal year ending in 2023 showed record sales of $50 billion. CEO Safra Catz attributed the expansion to the company’s infrastructure division and cloud service offerings.
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According to a proxy statement filed with the SEC in 2022, Ellison holds roughly 42.9% of Oracle’s shares, making him the company’s largest stockholder. According to a proxy statement filed with the SEC in 2022, the 78-year-old also has a 1.5% investment in Tesla.
Among the billionaire’s many possessions are: famously expensive yachts, a collection of Japanese and samurai art, dozens of houses in California, and the sixth-largest island in Hawaii (Lana’l).
In 2010, Ellison parted ways with his massive 453-foot yacht, Rising Sun, selling it to Hollywood tycoon David Geffen. The 288-foot Musashi is owned by the arrogant billionaire who is ranked 50th in the world.
Oracle is a major player in the business software market. Ellison and his business partners released the Oracle Database, the first commercially available relational database, in 1977. They rebranded as “Oracle” (after the software they’d created) five years later.
FAQs
Larry Ellison’s wealth increased by nearly $6 billion on Monday, June 12, 2023, as shares of his company, Oracle, rose 4.5%. This increase in wealth pushed Ellison’s net worth to $129.8 billion, surpassing Gates’ net worth of $129.1 billion.
There are a few factors that contributed to the increase in Oracle’s share price on Monday. First, the company reported strong earnings for the first quarter of 2023. Second, there is increased investor optimism about the future of artificial intelligence (AI), which is a key area of focus for Oracle. Third, the overall stock market was up on Monday, which also helped to boost Oracle’s share price.
