Photo source: CNN
Oracle’s stock experienced a notable increase of 5.1% on Monday, which has led to Larry Ellison, the company’s chairman, becoming the second-richest individual globally. Ellison has surpassed Jeff Bezos, the founder of Amazon, who had intermittently held this position since 2016.
As reported by Forbes’ real-time billionaire rankings, Ellison’s wealth surged by $8.1 billion since the previous trading session, bringing his total net worth to approximately $206 billion. In contrast, Bezos’s net worth is now about $203 billion.
Elon Musk, the CEO of Tesla, remains the wealthiest person with a net worth of $251 billion.
The rise in Oracle’s stock can be attributed to the company’s recent earnings report that exceeded market expectations and an optimistic revenue forecast for fiscal 2026.
For September, Oracle’s shares have risen by 20%. If this trend continues, it would mark the company’s best monthly performance since October 2022 when shares increased by 28%.
Ellison’s wealth increase is also linked to Oracle’s strategic positioning in the artificial intelligence sector. During a recent earnings call, he discussed the company’s plans to develop data centres that cater to the growing demand for generative AI technologies.
“We are literally building the smallest, most portable, most affordable cloud data centres all the way up to 200-megawatt data centres, ideal for training very large language models and keeping them up to date,” Ellison stated during the call.
Additionally, Oracle announced a new partnership with Amazon Web Services aimed at integrating its database services with dedicated hardware. Over the past year, Oracle has also formed similar alliances with other major cloud providers such as Microsoft and Google.
