Zuckerberg's second-place wealth status is usurped by Ellison globally.
In a significant shift in the tech industry's wealth hierarchy, Larry Ellison, the founder of Oracle Corporation, has surpassed Mark Zuckerberg to become the second-richest person in the world. This development primarily stems from a massive surge in Oracle’s stock price, which has been fueled by the company's aggressive expansion in artificial intelligence (AI).
Oracle's net income for the fiscal year 2024/2025 stood at $6.03 per share, with total revenue amounting to $57.4 billion. The company's revenue in the latest quarter increased by 11% to $15.9 billion on a currency-neutral basis, and the cloud business grew by a robust 27%.
The strong rally in Oracle's stock is attributed to the company's increasing revenues and strategic partnerships. One such partnership is Oracle's involvement in the "Stargate" project, a $500 billion public-private initiative focused on enhancing U.S. competitiveness in AI. Oracle partners alongside SoftBank, OpenAI, Microsoft, Nvidia, and others in this effort, which has raised investor confidence significantly.
Oracle's stock has nearly tripled since November 2022, with a particularly strong rally in the past three months, gaining over 90%. This surge has been driven by the company's success in securing multi-billion-dollar cloud contracts and expanding its data centers to support AI firms like OpenAI.
Approximately 80% of Ellison's wealth is in Oracle stock and options, according to Bloomberg. As a result, the increase in Oracle's stock price has played a significant role in Ellison's wealth growth. In fact, Ellison's wealth increased by $26 billion last month alone due to the rise in Oracle's stock, as reported by Fox News.
Ellison's net worth reached about $257 billion as of the current ranking, positioning him ahead of Zuckerberg on the Bloomberg Billionaires Index for the first time. Elon Musk remains the richest person in the world, with a net worth of $357.8 billion.
Ellison's wealth climb reflects a broader AI-driven tech sector boom, positioning him at the forefront of this exciting and rapidly evolving field. As Oracle continues to invest in AI and strategic partnerships, it will be interesting to see how Ellison's wealth and the company's success continue to intertwine in the coming years.
The European Parliament has shown interest in Oracle Corporation's achievements, given its significant surge in finance and growth in the business sector, particularly in technology and artificial intelligence. With Oracle's financial success and investments in emerging technology, it is expected that its strategic partnerships may attract more opportunities and collaborations in the European market.
