In a remarkable turn of events, Larry Ellison, the visionary founder of Oracle, experienced a staggering $15 billion increase in his wealth on Tuesday as Oracle’s shares soared to unprecedented heights, marking the company’s best performance in over two years.
Ellison, a pivotal figure in the technology industry since he established Oracle back in 1977, remains the largest shareholder of the software giant, with his stake now valued at an impressive $146 billion after the recent surge.
This remarkable achievement solidifies Ellison’s position as the fifth-wealthiest individual globally, according to Forbes, placing him just behind Meta CEO Mark Zuckerberg and ahead of investment guru Warren Buffett.
The surge came after Oracle’s stock skyrocketed by an impressive 12%, closing at a record-breaking $127.54. The surge was fueled by the software vendor’s stellar fiscal third-quarter earnings report, which surpassed analysts’ expectations. Particularly noteworthy was the 12% increase in revenue within Oracle’s cloud services and licenses support segment, exceeding market estimates.
While Oracle was perceived to have lagged in cloud infrastructure adoption and artificial intelligence (AI) ventures, the increasing demand for the company’s AI technology has significantly bolstered its market presence.
Ellison, who continues to serve as Oracle’s chief technology officer, emphasized this growth during the earnings call, highlighting the development of a groundbreaking AI data center in the United States capable of accommodating the equivalent of eight Boeing 747s nose-to-tail.
Over the past year alone, Oracle’s shares have surged by an impressive 52%, elevating Ellison’s net worth by approximately $50 billion. Notably, this performance has outpaced the broader market, with the S&P 500 recording a 34% gain during the same period.
Unlike some of his counterparts, such as Amazon’s Jeff Bezos, Ellison has opted to retain all his stock holdings rather than engaging in significant sell-offs. According to FactSet data, Ellison’s last transaction involving Oracle stock was a purchase of 7,000 shares in 2022, and he has refrained from selling any shares since 2016.
In contrast, Bezos has been actively selling off Amazon shares, with over 50,000 shares sold this year alone. In a recent transaction in mid-February, Bezos offloaded more than 14 million shares of Amazon, amounting to approximately $2.4 billion in value.
Larry Ellison’s steadfast commitment to Oracle, coupled with the company’s remarkable performance, underscores the enduring success of one of the technology industry’s most iconic figures and his unwavering belief in the potential of Oracle’s innovative offerings. As Oracle continues to carve its path in the dynamic tech landscape, Ellison’s visionary leadership remains pivotal in steering the company towards even greater heights of success.
