Larry Ellison, co-founder and chairman of Oracle, overtakes Elon Musk as the richest person on the planet.
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The 81-year-old tycoon’s stake in the company he co-founded rose on Wednesday to £397 billion (€340 billion) after the group’s shares soared more than 40% on Wall Street. This figure exceeds Musk’s total net worth of approximately £384 billion (€328 billion), according to the Bloomberg Billionaires Index.
The same index reflects a historic milestone: Ellison’s stake in Oracle has increased in value by almost $100 billion (around €85 billion) in a single day. The reason? The company has won over investors with its growth forecasts for the coming years of its cloud business, with artificial intelligence as the catalyst for the business.
The boost to Ellison’s wealth, which recently surpassed Mark Zuckerberg (CEO of Meta) in the wealth rankings, is due to the transformation of Oracle. The company, historically known for its corporate databases, has invested billions to position itself in the cloud and, more recently, in the infrastructure necessary for the rise of AI.
The excitement surrounding AI has skyrocketed demand for computing power. Oracle has not only tripled in value since the launch of ChatGPT in 2022, but has also sealed strategic deals with OpenAI, Nvidia and ByteDance (TikTok). In September, the company surprised Wall Street with aggressive forecasts for its cloud business, sending its shares to record highs.
From Chicago to the top of Silicon Valley
Ellison’s story is that of an outsider turned tech titan. Born in Chicago and raised by adoptive relatives, he dropped out of college before moving to California. There he worked as a programmer until, in 1977, he co-founded what would later become Oracle.
With an IPO in 1986 and sustained growth over decades, Oracle became one of the world’s most influential software giants. Ellison stepped down as CEO in 2014 but remains chairman and chief technology officer, as well as the largest shareholder with more than 40% of the company.
Owner of Indian Wells and investor in Tesla
Ellison’s rise has not been without controversy, partly due to his extravagant lifestyle. He owns mega-yachts, private jets and multiple properties, including the Hawaiian island of Lanai, which he purchased in 2012 for £260 million. There, he has promoted luxury tourism and wellness projects, although he has also been criticised for displacing the local population. In addition, he owns a tennis tournament in Indian Wells, invested in the sailing team that won the America’s Cup in 2010, and has been a major shareholder in Musk’s company, Tesla.
