Larry Ellison, co-founder of Oracle, has surged to the second-richest position in the world, surpassing Jeff Bezos. This leap in wealth is driven by the artificial intelligence boom and Oracle’s success in the cloud computing sector. Ellison’s net worth hit $206.1 billion as Oracle’s shares climbed nearly 5% on Monday, contributing to a 63.4% rise in the company’s stock this year. Ellison holds nearly 40% of Oracle’s shares, which have benefited from increasing demand for cloud services and artificial intelligence technologies.
Oracle’s cloud division saw a 12% revenue increase year-over-year, boosting its overall financial performance. The company’s first-quarter earnings exceeded Wall Street’s expectations, pushing its stock price to record highs. With 162 cloud data centers globally, Oracle has positioned itself as a major player in the AI space, leveraging cutting-edge technology like NVIDIA GPUs. This strategic focus on AI and cloud computing has propelled both Oracle’s growth and Ellison’s personal fortune, placing him just behind Elon Musk as one of the world’s wealthiest individuals.
Elon Musk, CEO of Tesla, is considered the richest person in the world, with a net worth of approximately $239 billion.