Who is Larry Ellison? What did he do that his wealth soared by $14 billion overnight?
Oracle's strong financial outlook this week, founder and top shareholder Larry Ellison moved up two points on the Bloomberg Billionaires Index, reports 'Yahoo Finance'. Ellison had a net worth of $138 billion as of yesterday. Overnight, it jumped $14 billion to $152 billion. The main reason for this rise is that the 79-year-old businessman owns more than 40% of Oracle, a company whose shares rose 13% on June 11 following the release of the company's strong year-end results.
Ellison Moves Ahead of Ballmer and Brin
Due to his unanticipated growth in wealth, Larry Ellison has surpassed two other tech titans on Bloomberg's Billionaires Index, Steve Ballmer, the former CEO of Microsoft, and Sergey Brin, the founder of Alphabet, the parent company of Google.
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According to 'Yahoo Finance', Ballmer and Brin have not been able to overtake Ellison, though their respective net worths have increased significantly this year to $21.2 billion and $27.2 billion respectively. Ellison's net worth increased by $29.1 billion in 2024 alone, setting a new record. The development of artificial intelligence, a major area of interest in Silicon Valley, is primarily responsible for the tech giants' exponential rise in wealth.
Oracle’s recent outlook
CEO Safra Catz announced that Oracle has signed its biggest sales contracts so far in the company's most recent outlook, which was made public on Tuesday.
According to Catz, who was Oracle's CFO before, the company's sales would increase
