Anamika Dey, editor
Brief news
- Larry Ellison’s net worth surged to $208.4 billion after Oracle’s strong stock performance, briefly making him the second-richest person, surpassing Jeff Bezos.
- Oracle’s stock rose 54% this year, driven by positive quarterly results and increased cloud database adoption.
- The company formed partnerships with AWS, Microsoft, and Google, enhancing its cloud infrastructure position and emphasizing the importance of private cloud solutions.
Detailed news
Chairman Larry Ellison’s net worth has been improved by Oracle’s most successful week on the stock market since 2021. On Friday, Ellison momentarily surpassed Amazon founder Jeff Bezos to become the second-richest individual in the world.
According to Forbes’ real-time billionaires list, Ellison’s net worth peaked at $208.4 billion shortly after the market opened and subsequently declined to $197 billion. Bezos, who has intermittently claimed the title of the world’s second-richest individual, is valued at $204 billion. With a net worth of $252 billion, Tesla CEO Elon Musk is the sole individual who currently surpasses him.
On Friday, Oracle shares closed at $162.03, a modest increase from their previous level. The database vendor also raised its revenue guidance for fiscal 2026 and provided a positive outlook for fiscal 2029. At its annual CloudWorld conference in Las Vegas, the organization disclosed its revenue projections.
The company’s quarterly results exceeded expectations, resulting in an 11% increase in the stock price on Tuesday. Oracle shares are currently up approximately 54% this year, which is the second-highest increase among large-cap technology equities, trailing only artificial intelligence chipmaker Nvidia, which has gone up 141%.
Ellison, who co-founded Oracle in 1977, has been the most significant beneficiary of the surge. He is the company’s largest shareholder, as he possesses approximately 40% of the outstanding stock. Its increasing adoption of its cloud databases and its enhanced position in cloud infrastructure have been the catalysts for his company’s revival in recent years.
Three days following the establishment of a new partnership between their organizations, Bezos, 60, and Ellison, 80, are currently competing for the title of the world’s second-richest individual. Oracle announced on Monday that its database software will be accessible to AWS customers for use on Oracle hardware located within Amazon data centers.
Oracle has also established comparable partnerships with Microsoft and Google, the other two foremost cloud infrastructure providers, in the past year. Ellison informed analysts during Oracle’s earnings call this week that the company is currently in a dominant position in both traditional data centers and the cloud.
Ellison emphasized the significance of Oracle Database’s ability to operate on AWS, Microsoft, and Google during the call. “It will undoubtedly expedite the expansion of databases in the public cloud.” However, we anticipate that private clouds will significantly surpass public clouds as companies determine that they do not require them. They prefer the Oracle Cloud to be located within their datacenter, with no neighbors, and protected by a firewall.
Source : CNBC News
