Oracle CEO Larry Ellison’s Wealth Soars Amidst AI Surge

Larry Ellison, CEO of Oracle and a prominent figure in Silicon Valley, witnessed a significant increase in his net worth on Wednesday, driven by a substantial rise in Oracle’s stock price. This surge has narrowed the wealth gap between Ellison, now the world’s fifth-richest individual, and Meta’s CEO, Mark Zuckerberg, who holds the fourth position.

Ellison’s net worth, predominantly tied to his approximately 40% stake in Oracle, jumped by over $15 billion, reaching $169 billion. According to Forbes’ real-time tracker, this was the largest gain recorded by any billionaire. At 79, Ellison is now about $10 billion shy of Zuckerberg’s net worth and $50 billion behind Elon Musk, the world’s richest person. Oracle’s stock soared over 10%, hitting an all-time high of $140 per share, following a positive earnings report on Tuesday afternoon.

Despite Oracle’s reported revenue and profits falling short of Wall Street expectations, the company’s optimistic revenue guidance for the upcoming fiscal year and its burgeoning artificial intelligence collaborations, including deals with ChatGPT’s parent company, OpenAI, propelled the stock upward. Deutsche Bank analysts, led by Brad Zelnick, noted that the demand for AI was a significant factor in this surge.

Oracle is among several beneficiaries of the ongoing AI boom, alongside tech giants like Apple and Microsoft, whose stocks also reached record highs. Ellison temporarily held the title of the world’s third-richest person after Oracle’s June 2023 earnings report but was later surpassed by Amazon founder Jeff Bezos and Zuckerberg as their companies’ stocks outperformed Oracle’s.

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