Tech billionaire Larry Ellison saw his fortune rise on Tuesday as shares of his cloud computing company Oracle reached an all-time high. Ellison’s net worth soared from $173.3 billion to $191.7 billion, surpassing the likes of Mark Zuckerberg and Bernard Arnault to claim the third spot on Forbes’ billionaires list. At 80 years old, Ellison is now behind only Elon Musk and Jeff Bezos as the wealthiest individuals on the planet.
The surge in Oracle’s stock price came after the company’s quarterly earnings report, which exceeded analyst estimates for revenue and profits. Oracle’s stock rose as much as 14.7% to $160.50 per share, smashing its previous high set in July. This increase in market capitalization pushed Oracle to become the 17th-largest American public company, surpassing the likes of Costco, Johnson & Johnson, and Procter & Gamble.
In addition to the strong financial performance, Oracle also announced a partnership with Amazon Web Services to bring Oracle artificial intelligence applications to the Amazon cloud. This collaboration adds to previous partnerships Oracle has formed with cloud computing giants Google and Microsoft. Ellison, the chairman and technology head of Oracle, co-founded the company in 1977. Known for his outspoken nature, Ellison has also been involved with Tesla and is set to become the controlling shareholder of CBS parent Paramount.
Ellison’s rise in wealth reflects the success of Oracle and its strategic partnerships in the cloud computing industry. The company’s strong financial performance has boosted its stock price and market capitalization, making it one of the largest American public companies. With Ellison at the helm, Oracle continues to innovate and collaborate with other industry leaders to provide cutting-edge solutions in the cloud computing space.
As Ellison’s fortune grows, he remains a major player in the tech industry and a significant figure in the business world. His success with Oracle and other ventures underscores his influence and impact on the technology sector. With his recent climb to the third spot on Forbes’ billionaire list, Ellison’s legacy as a tech pioneer and business mogul is further solidified.
