Oracle’s Larry Ellison Overtakes Bezos & Zuckerberg, Becomes World’s 2nd Richest Person
In a significant shift in the global business landscape, 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. Ellison’s current net worth is estimated to be a staggering $258.8 billion, as reported by the latest update.
The 80-year-old’s fortune reportedly rose after Oracle’s stocks rallied over the past week, pushing him ahead of Bezos and Zuckerberg. This development marks a significant milestone in the tech industry, with Ellison’s rise to the second spot on the rich list.
Ellison’s Net Worth Soars
Oracle’s stocks have been on an upward trajectory in recent weeks, driven by the company’s strong financial performance and its increasing dominance in the cloud computing market. The company’s shares have risen by over 10% in the past week alone, contributing significantly to Ellison’s growing net worth.
Forbes’ real-time billionaires list, which is widely regarded as the most authoritative measure of wealth, tracks the fortunes of the world’s richest individuals in real-time. The list is updated continuously, taking into account changes in the stock market, commodity prices, and other economic factors that can impact an individual’s net worth.
Bezos and Zuckerberg Drop to Third and Fourth Spots
Jeff Bezos, the founder of Amazon, and Mark Zuckerberg, the co-founder and CEO of Facebook, have dropped to the third and fourth spots on the rich list, respectively. Bezos’ net worth is estimated to be around $256.8 billion, while Zuckerberg’s net worth is estimated to be around $234.8 billion.
Musk Remains Top of the List
Tesla CEO Elon Musk remains the richest person in the world, with a net worth estimated to be around $284.8 billion. Musk’s fortune has been driven by the rapid growth of Tesla’s stock price, which has risen by over 50% in the past year alone.
Oracle’s Rise to Prominence
Oracle has been a dominant player in the tech industry for decades, with a portfolio of products that includes database management systems, cloud infrastructure, and enterprise software. The company has continued to adapt to changing market trends, investing heavily in cloud computing and artificial intelligence.
Under Ellison’s leadership, Oracle has become a major player in the cloud computing market, with its cloud revenue growing by over 20% in the past quarter alone. The company’s strong financial performance has driven its stock price higher, contributing to Ellison’s growing net worth.
What’s Next for Ellison and Oracle?
Ellison’s rise to the second spot on the rich list is a testament to his business acumen and Oracle’s ongoing success. However, the tech industry is highly competitive, and there are many challenges ahead for Ellison and Oracle.
In the short term, Oracle will need to continue to innovate and adapt to changing market trends, investing in emerging technologies such as artificial intelligence and the Internet of Things. The company will also need to maintain its strong financial performance, continuing to grow its cloud revenue and expand its presence in key markets.
Long-term, Ellison’s focus on philanthropy and giving back to society will likely play a significant role in his legacy. The Ellison Medical Foundation, which he founded in 1995, has made significant contributions to medical research and education, and Ellison has also been a major supporter of various charitable causes.
Conclusion
Larry Ellison’s rise to the second spot on the rich list is a significant development in the tech industry, marking a new era of leadership and innovation at Oracle. As the company continues to adapt to changing market trends and invest in emerging technologies, Ellison’s net worth is likely to continue to grow. With his focus on philanthropy and giving back to society, Ellison’s legacy is likely to be remembered for generations to come.
