Oracle Chief Executive Larry Ellison briefly became the world’s second-richest person on September 16, bypassing Amazon founder Jeff Bezos.
The reason for this shift was that the share price of Oracle doubled more than its prior value. Of course, Bezos has since regained his position. Tesla’s CEO Elon Musk continues to remain at the top of the list at US$251 billion.
The net worth of Larry Ellison went up after the rally in Oracle's shares, which were 5.1% up on Monday and 20% this month. Since October 2022, this percentage increase in Oracle shares has been the highest.
The shares of the company moved up after the company’s earnings reports aired, exceeding the expectations of investors and boosting the revenue projections for 2026. According to Forbes, the net worth of Ellison elevated to an amazing US$206 billion, of which US$8.1 billion came from the stock surge.
Despite the shift in Bezo’s and Ellison’s billionaire statuses, Elon Musk stays on the top as the world’s richest person.
Informa Connect Academy reported that Elon Musk was going to be the world's first trillionaire by 2027. This is because his wealth is growing with an average annual rate of 110 %.
In another news, Bloomberg Billionaires Index reported Musk’s net worth at US$251 billion due to his continued success.
The CEO unveiled plans for Oracle to expand its data center infrastructures at an earnings call responding to the boom in demand triggered by generative AI. The corporation is now designing highly scalable and efficient data centers to hold large language models and other state-of-the-art AI programs. In addition, Oracle Corporation is now considering collaborating over a database service with Amazon.
Ellison further noted that the practice of mass surveillance needs to be regulated by AI. He said that AI would track law enforcement and record interactions. He sees this as an opportunity for greater accountability and thus raises difficult questions on privacy and oversight.