Oracle’s Larry Ellison Overtakes Bezos & Zuckerberg, Becomes World’s 2nd Richest Person
In a stunning turn of events, Oracle Chairman and CTO Larry Ellison has surpassed billionaires Jeff Bezos and Mark Zuckerberg to become the world’s second richest person behind Tesla CEO Elon Musk, according to Forbes’ real-time billionaires list. The 80-year-old’s current net worth is estimated to be $258.8 billion, it stated. His fortune reportedly rose after Oracle’s stocks rallied over the past week.
Ellison’s remarkable rise to the second spot on the list is a testament to his shrewd business acumen and Oracle’s impressive performance in the technology sector. The company’s stock has been on a tear lately, driven by strong demand for its cloud computing services and a successful transition to a subscription-based model.
Bezos, the founder of Amazon, has held the spot as the world’s richest person for several years, but Ellison’s latest surge has pushed him down to third place. Zuckerberg, the CEO of Facebook, is now in fourth place. This marks a significant shift in the ranking of the world’s wealthiest individuals, with Ellison’s net worth increasing by a staggering $20 billion in just a week.
So, what has contributed to Ellison’s meteoric rise? There are several factors at play. Firstly, Oracle’s cloud computing business has been growing rapidly, with the company reporting strong revenue growth in its latest quarterly earnings report. This has led to a significant increase in the company’s stock price, which has in turn boosted Ellison’s net worth.
Secondly, Oracle’s acquisition of NetSuite, a cloud-based business management software company, has been a major driver of growth. The acquisition has given Oracle a significant presence in the cloud-based enterprise software market, and has helped to increase its revenue and profitability.
Thirdly, Oracle’s shift towards a subscription-based model has been a key factor in its success. The company has been investing heavily in its cloud-based offerings, and this has led to a significant increase in recurring revenue. This model provides a predictable and stable source of income for the company, which has helped to boost its stock price and Ellison’s net worth.
In addition to his business success, Ellison is also known for his philanthropic efforts. He has donated millions of dollars to various charitable causes, including the Ellison Medical Foundation, which focuses on medical research and education.
Ellison’s rise to the second spot on the list also raises questions about the concentration of wealth among the world’s richest individuals. The top four spots on the list are now occupied by tech moguls, with Musk, Ellison, Bezos, and Zuckerberg holding a combined net worth of over $700 billion.
This concentration of wealth has led to concerns about income inequality and the impact it has on society. Many argue that the wealth gap between the rich and the poor is unsustainable and is contributing to social unrest and political polarization.
In conclusion, Larry Ellison’s rise to the second spot on the list of the world’s richest individuals is a testament to his business acumen and Oracle’s success in the technology sector. However, it also raises important questions about the concentration of wealth among the world’s richest individuals and the impact it has on society.
