Oracle Chairman Larry Ellison has seen a significant increase in his wealth, with a rise of almost $19 billion. This growth is attributed to the positive forecast of double-digit revenue growth for the fiscal year of the software maker he founded back in 1977. Ellison’s ownership of about 1.15 billion Oracle shares, which accounts for approximately 42% of the company’s outstanding stock, has contributed to his net worth climbing to around $170 billion. This surge has positioned him as the fifth-richest person globally, trailing closely behind Meta CEO Mark Zuckerberg.
Leadership at Oracle
Despite stepping down from the CEO role ten years ago and assuming the title of chief technology officer in 2014, Larry Ellison remains a prominent figure at Oracle. He continues to play a significant role in the company’s operations and is actively involved in quarterly earnings calls. During a recent call following Oracle’s fiscal fourth-quarter earnings report, Ellison highlighted the company’s initiatives in constructing data centers to meet the rising demand for generative artificial intelligence technologies. He emphasized Oracle’s development of scalable and cost-effective cloud data centers, ranging from small, portable facilities to large 200-megawatt data centers tailored for training extensive language models.
Following Oracle’s optimistic forecast and Ellison’s remarks on the company’s future projects, Oracle shares experienced a remarkable surge of 13% on Wednesday, reaching a record high of $140.38. This enhancement was the most significant single-day increase since December 10, 2021. Analysts from Bank of America, Barclays, Bernstein, JPMorgan, and UBS responded by raising their 12-month price targets on Oracle’s stock. Despite falling short of Wall Street estimates in quarterly profit and revenue, Oracle anticipates double-digit growth in the upcoming fiscal year, a substantial improvement compared to the 6% increase in the previous period ending on May 31.
Oracle unveiled strategic collaborations, announcing that its database services would soon be available on Google’s public cloud platform and that OpenAI would leverage Microsoft’s cloud-based AI tools on top of Oracle’s cloud infrastructure. These partnerships are anticipated to expand Oracle’s market reach and enhance its competitive edge in the software industry. Moreover, Ellison’s Oracle ownership is poised to grow further as stock options granted to him in the past are set to expire later this year and next year, potentially boosting his wealth and influence.
Larry Ellison is renowned for his opulent lifestyle, owning expansive properties in California, Florida, and the Hawaiian island of Lanai. He has a long history of contributing to political campaigns, supporting various initiatives, including funding a sailing league and owning the Indian Wells Tennis Garden in California. Ellison’s association with prominent figures like Elon Musk, evidenced by his brief stint on the Tesla board, underscores his influence and connections within the tech and business spheres. Additionally, his son, David Ellison, plays a pivotal role as the founder and CEO of Skydance Media, indicating the legacy and entrepreneurial spirit within the Ellison family.
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