Larry Ellison's Wealth Surge: Briefly Surpassing Jeff Bezos as World's Second-Richest Person

Who is Larry Ellison? How Oracle chairman briefly became world's second-richest man, surpassing Jeff Bezos

Oracle co-founder Larry Ellison briefly surpassed Jeff Bezos of Amazon on the list of the world's richest people. This happened after Oracle's stock hit record highs. Oracle shares closed up 5.1% on Monday, September 16, prompting Ellison to become the world's second-richest person for a brief period. Ellison holds roughly 40% of Oracle, and has directly profited from the recent spike in stock prices. A moment came when Ellison's wealth increased to over $208 billion, briefly surpassing Bezos's $204 billion net worth. Ellison was listed as the second-richest person in the world for the first time. However, Ellison's net worth soon dropped to $181 billion. Bezos' net worth, on the other hand, rose to $208 billion. Elon Musk remained the wealthiest person, having a net worth of $248 billion. Oracle has focused on cloud services and AI, and that has seemed to pay off. At a recent event, Ellison even predicted that the company's cloud databases will continue to grow with more companies choosing Oracle for their cloud services. Ellison also said during a recent Oracle financial analyst meeting that he believes that AI will bring in a new era of widespread monitoring, and Oracle could be an important part of this transformation. "Citizens will be on their best behavior because we're constantly recording and reporting," Ellison said. Ellison is the chairman of Oracle Corporation and chief technology officer. He founded the company in 1977, and served as CEO until September 2014. According to Forbes, "Oracle has grown in part through steady acquisitions of software companies: the biggest was $28.3 billion for electronic health records company Cerner in 2021." Ellison moved permanently to the Hawaiian island Lanai back in 2020. He is known to have been on Tesla's board from December 2018 to August 2022, and continues to own about 15 million shares in the electric carmaker.

Oracle's Larry Ellison Briefly Became Wealthier Than Jeff Bezos. Here's How His Fortune Outpaced Amazon's Founder - Oracle (NYSE:ORCL)

Oracle ORCL co-founder Larry Ellison briefly surpassed Amazon's Jeff Bezos on the list of the world's richest people after Oracle's stock hit record highs. Ellison's net worth was just behind Tesla's Elon Musk on the billionaire leaderboard. Here's how this happened. Don't Miss: Amid the ongoing EV revolution, previously overlooked low-income communities now harbor a huge investment opportunity at just $500. General Motors and other leaders revealed to be investing in this revolutionary lithium start-up -- allowing easy entry by launching at just $9.50/share with a $1,000 minimum. The rise of AI has been a major driver of Oracle's growth this year. Oracle has positioned itself as a key player in the AI sector, partnering with companies like Nvidia to provide the infrastructure needed to support AI development. This has significantly boosted Oracle's stock, which has gone up 64% in 2024, making it one of the top-performing tech stocks. At the time of writing, the stock was sitting at $170.33, up from $104.06 at the beginning of the year. Trending: Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US. Investing in its booming real estate market has never been more accessible. Ellison, who holds roughly 40% of Oracle, has profited directly from the recent spike in stock prices. At one point, his wealth increased to over $208 billion, briefly surpassing Jeff Bezos's $204 billion net worth. For the first time, Ellison was listed as the second-richest person in the world, marking a significant milestone. However, Ellison's net worth later dropped to $181 billion, while Bezos climbed to $208 billion. At the time of writing, Elon Musk remains the wealthiest person, with a net worth of $248 billion. Trending: Elon Musk's secret mansion in Austin revealed through court filings. Here's how to invest in the city's growth before prices go back up. Oracle's focus on cloud services and AI has been paying off, while Bezos's fortune, mostly tied to Amazon, hasn't grown as quickly in the same period. Still, Bezos remains a major player and the gap between their wealth has been small, with the two billionaires trading places on the rich list. Ironically, Oracle's success has partly come from a new partnership with Amazon Web Services (AWS). Earlier this year, they announced that Oracle's database software would now be available for AWS customers. Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% - 9% make earning passive income easier than ever. Ellison's confidence in Oracle's future is evident. At a recent event, he predicted that Oracle's cloud databases will continue to grow as more companies choose Oracle for their cloud services, sharing optimistic revenue forecasts through 2029, which has fueled investor excitement. During a recent Oracle financial analyst meeting, Ellison expressed his belief that AI will usher in a new era of widespread monitoring. Oracle is prepared to serve as the backbone of this transformation. "Citizens will be on their best behavior because we're constantly recording and reporting," Ellison said, sparking some debate. With Oracle's strong positioning in AI and cloud computing and its partnerships with AWS, Microsoft and Google, Ellison's wealth will likely continue growing. However, as seen with billionaires like Bezos, Musk and others, fortunes can fluctuate rapidly depending on market movements. Read Next: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100. Unlock a $400 billion opportunity by investing in the future of EV infrastructure on this startup already valued at $50 million. Market News and Data brought to you by Benzinga APIs

Oracle's Larry Ellison Is Now the World's 3rd Richest Person Thanks to the A.I. Boom

The 80-year-old founder and former CEO of Oracle briefly toppled Jeff Bezos on the rich list this week. Larry Ellison, the founder and chairman of software giant Oracle, is the latest tech entrepreneur to reap the rewards of the A.I. boom. The billionaire is currently the world's third wealthiest person and briefly surpassed Amazon (AMZN) founder Jeff Bezos as the second richest person this week (behind Elon Musk). A recent Oracle stock surge has sent Ellison's net worth soaring to an estimated $203.5 billion. Sign Up For Our Daily Newsletter Sign Up Thank you for signing up! By clicking submit, you agree to our <a href="http://observermedia.com/terms">terms of service</a> and acknowledge we may use your information to send you emails, product samples, and promotions on this website and other properties. You can opt out anytime. See all of our newsletters Fueling Ellison's good fortune is an unprecedented demand for data centers, which power the A.I. models underpinning products like OpenAI's ChatGPT. Oracle beat Wall Street's expectations earlier this month when it reported a 7 percent year-over-year increase in quarterly revenue to $13.3 billion, with the company's cloud services revenue skyrocketing by 21 percent to $5.6 billion. The news has been a booster for Oracle's share price, which has soared more than 47 percent in the past 12 months and almost doubled since the beginning of 2023. Oracle currently has 162 data centers in operation and under construction globally, Ellison told analysts during a recent earnings call, adding that he expects the company to eventually have 1,000 to 2,000 of these facilities. The company's largest data center is 800 megawatts and will contain "acres" of Nvidia (NVDA)'s graphics processing units (GPUs) to train A.I. models, he said. Nvidia's GPUs have been in high demand as Big Tech races to deploy A.I. products. During an Oracle financial analyst meeting on Sept. 12, Ellison described a dinner with Elon Musk and Jensen Huang, the CEO of Nvidia, where the Oracle head and Musk were "begging" Jensen for more A.I. chips. "Please take our money. No, take more of it. You're not taking enough, we need you to take more of it," recalled Ellison, who said the strategy worked. Partnering up with rivals Oracle also recently bolstered its database power by partnering up with Amazon's cloud business, Amazon Web Services (AWS). The deal, which will allow customers to access Oracle's database offerings within AWS, follows a slew of similar cloud partnerships the company has struck with the likes of Microsoft (MSFT) and Google (GOOGL). "We believe our cloud partnerships with AWS and Microsoft and Google will turbocharge the growth of our database business for years to come," said Ellison during the earnings call. Ellison, 80, co-founded Oracle in 1977 and helmed the company as CEO until 2014. He also recently made headlines for his financial backing of the acquisition of Paramount (PARA) by Skydance, a media company founded by his son David Ellison. He reportedly is set to have an influential role in the takeover as a major shareholder. But for the time being, the billionaire appears to be firmly stationed on A.I. -- and he has grand ambitions for the new technology. In addition to generative A.I.'s potential to help spot forest fires and identify agricultural output needs via drones, he lauded the ability of A.I.-enabled cameras to enhance surveillance while speaking at Oracle's financial analyst meeting. "Citizens will be on their best behavior because we're constantly recording and reporting everything that's going on," he noted. Police officers, meanwhile, will be supervised at all times, with body cameras prepared to alert the appropriate authorities of any misconduct. "The world is going to be a better place as we exploit these opportunities and take advantage of this great technology," he added. But who will take advantage first remains up in the air. "There's really one winner. Someone's going to be better at this than anyone else, and multiple people are trying," said Ellison of the A.I. boom, likening the technology arms race to "Formula 1."