Larry Ellison: The race for wealth in the world is always in the headlines, and this time a new name has reached the top. Oracle Corporation co-founder and chairman Larry Ellison briefly overtook Elon Musk on Wednesday morning to take the title of the world’s richest person.
Historic jump in net worth
According to the Bloomberg Billionaires Index, Larry Ellison’s net worth reached about $393 billion (about 290 billion pounds). At the same time, Elon Musk’s wealth was about $385 billion (284 billion pounds). This jump came mainly due to the tremendous rise in Oracle’s shares. The company’s shares jumped by more than 40%, as investors’ confidence in its cloud computing and artificial intelligence projects continues to grow.
Who is Larry Ellison?
Born in New York in 1944 and raised in Chicago, Larry Ellison is counted among the biggest names in the world of technology. He founded Oracle in 1977 and remained the CEO of the company till 2014. Under his leadership, Oracle not only dominated the world of database software, but also gained great recognition in cloud infrastructure and AI.
Today, even at the age of 81, Ellison is playing an active role in deciding the direction of the company as its chairman and chief technology officer. His stake in Oracle is about 42%, making him the largest individual shareholder.
Lifestyle and influence
Larry Ellison is also famous for his luxurious and unique lifestyle. He owns Hawaiian islands, luxury yachts and private jets. He has also had a keen interest in politics and media. He openly supported former US President Donald Trump and recently joined OpenAI’s Sam Altman and SoftBank’s Masayoshi Son to become part of a new AI project called Stargate, which aims to strengthen America’s AI infrastructure.
Oracle’s new flight
The biggest reason for Oracle’s success is its aggressive move in the cloud and AI sector. The company has projected revenue growth from its cloud business by 77% this year, with this division alone expected to earn $18 billion. In the recent quarter, the company has secured four large multi-billion dollar contracts and more agreements are expected in the coming time.
The company’s CEO Safra Catz said in a conversation with investors that the demand for data center infrastructure is at a historic level, especially from AI developers and large business customers who are rapidly creating and launching generative AI models.
The moment to leave Musk behind
Although by the end of the day, Elon Musk regained the first position, this moment was historic for Larry Ellison. He has dominated the technology industry for decades, but this was the first time he sat on the chair of the richest person in the world. This proved to be an important milestone for both his career and the new direction of Oracle.
Disclaimer: The information given in this article is based on available reports and market information. Actual figures may change over time. Refer to the relevant sources for the latest and official information.
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