+7 (777) 001 44 99
Қазақша
Русский
English
Tengrinews.kz – Oracle co-founder Larry Ellison has taken the top spot on Bloomberg’s billionaire ranking, surpassing Tesla and SpaceX founder Elon Musk, according to RBC.
Ellison’s net worth has reached $393 billion, while Musk’s is now $385 billion.
"Ellison’s sharp rise was due to a one-day increase of $101 billion — the largest single-day gain in the history of the Bloomberg ranking," the article states.
Musk had held the top spot for nearly a year. He first claimed it in 2021, but was later overtaken by Amazon founder Jeff Bezos and LVMH founder Bernard Arnault, who now rank fourth and eighth, respectively.
Since July, Ellison had been in second place, after surpassing Meta CEO Mark Zuckerberg.
Forbes also notes Ellison’s wealth surge (an increase of $102 billion, or nearly 35% of his total fortune), and now estimates his total net worth at $395 billion. However, in Forbes' ranking, Musk remains in first place with $437 billion.
The increase in Larry Ellison's wealth was driven by the rapid rise in Oracle shares following the release of its first-quarter report (the U.S. fiscal year runs from October 1 to September 30). Bloomberg explains that the stock has surged by 45 percent this year, reaching an all-time high on September 9, and rose another 41 percent on Wednesday.
The agency notes that investments in cloud infrastructure amid the AI boom have propelled Oracle’s growth. Its latest report showed that revenue from cloud technologies rose by 28 percent to $7.2 billion, while revenue from cloud infrastructure jumped 55 percent to $3.3 billion. Oracle’s contract backlog grew by 359 percent to $455 billion, thanks to major deals, including an agreement with ChatGPT developer OpenAI to build data centers with a capacity of 4.5 GW.
The company is also involved in the Stargate project, which aims to build infrastructure for AI and was announced by U.S. President Donald Trump in January. Ellison is a supporter of the Republican.
Background: Larry Ellison is 81 years old. He co-founded Oracle in 1977 alongside Bob Miner and Ed Oates. The billionaire stepped down as Oracle’s CEO in September 2014 after 37 years of leadership, becoming chairman of the board and chief technology officer. He owns over 40 percent of Oracle’s shares. He also holds around 50 percent of Paramount Skydance (its CEO is his son, David). From 2018 to 2022, he served on Tesla’s board of directors and still holds shares in the company.
