Victor Chi
Updated on: October 10, 2024 2:56 am GMT
Larry Ellison Becomes Wealthier Than Zuckerberg and Arnault as Oracle Stock Soars
In a surprising turn of events on Tuesday, November 14, 2023, tech mogul Larry Ellison saw his net worth skyrocket by a staggering $14 billion as shares of Oracle Corporation surged to an all-time high. This remarkable increase not only reinforces Ellison’s status as one of the wealthiest individuals in the world but also positions him firmly among the top three billionaires, surpassing social media titan Mark Zuckerberg and French luxury magnate Bernard Arnault.
Details of the Stock Surge
As of midday Tuesday, Ellison’s fortune climbed from $173.3 billion to $191.7 billion, driven largely by a 14.7% increase in Oracle’s stock price, which peaked at $160.50 per share. This rally followed the company’s latest quarterly earnings report, which was released after the market closed on Monday. Bernstein analyst Mark Moerdler characterized the report as delivering “all good news for Oracle,” as the company exceeded consensus estimates for both revenue and profit.
Oracle’s Market Position
Following this impressive stock surge, Oracle’s market capitalization jumped from $386 billion to approximately $435 billion, propelling it to the rank of 17th largest public company in the U.S. by market cap, overtaking established firms like Costco, Johnson & Johnson, and Procter & Gamble.
Strategic Partnerships and Technological Advancements
In addition to its strong financial performance, Oracle announced a new partnership with Amazon Web Services (AWS) that enables AWS customers to leverage Oracle’s artificial intelligence applications within the Amazon cloud. This latest agreement completes what executives are referring to as Oracle’s “triple crown” of partnerships with leading cloud service providers, which also includes previous agreements with Google and Microsoft.
Ellison’s Notable Achievements and Future Plans
At 80 years old, Larry Ellison’s legacy as a co-founder of Oracle continues to evolve. Besides his pivotal role in Oracle, he serves as the chairman and chief technology officer of the enterprise software giant. Ellison, who once held a position on Tesla’s board of directors, is on track to become the controlling shareholder of CBS’s parent company, Paramount, and has been a significant financial supporter of Republican political causes.
Remaining Among the World’s Elite
The day’s events solidified Ellison’s standing as one of the wealthiest individuals globally, positioning him just behind Elon Musk, with a net worth of $247 billion, and Amazon’s Jeff Bezos, whose fortune stands at $197 billion. As Oracle continues to innovate and expand its market presence, Ellison’s financial trajectory demonstrates the dynamic nature of the tech industry and the opportunities it presents to savvy investors and business leaders.
Looking Ahead
As Oracle forges ahead with its cloud computing initiatives and continues to report positive financial growth, stakeholders will be keenly watching how these developments impact Ellison’s fortune and the broader technology landscape. The momentum seen this week could set the stage for further advancements and collaborations in the cloud space, potentially reshaping the industry in the years to come.
If you want to keep up with what Oracle is doing and how Ellison is leading the company, you should pay attention to their future plans and choices. They are sure to be exciting and important!
