Larry Ellison, the founder of Oracle, has climbed the ranks of the world’s wealthiest individuals, surpassing Microsoft founder Bill Gates to claim the number four spot on the Bloomberg Billionaires Index. According to reports from Bloomberg and CNN, Ellison’s rise to the top with a staggering net worth of $129.8 billion demonstrates the influence of the growing popularity of artificial intelligence (AI).
Ellison’s ascent marks the first time he has surpassed Gates in wealth and positioned himself above the fifth spot on the prestigious list. Although Ellison stepped down as Oracle CEO in 2014, he remained deeply involved with the company, serving as chairman and chief technology officer. Much of his vast wealth stems from his significant stake in Oracle.
Oracle has experienced remarkable success recently, with its stock surging over 42 percent since the beginning of the year. As of Monday’s market close, shares were trading at $116.50. As stated by Oracle CEO Safra Catz, the company’s fiscal year 2023 revenue reached a record-breaking $50 billion, primarily driven by growth in its infrastructure business and cloud services.
Recognizing the immense potential of AI, Oracle has capitalized on the technology by investing in Cohere, a competitor to OpenAI. Cohere recently raised $270 million in a funding round, further fueling optimism among investors. Artificial intelligence has played a pivotal role in driving the broader market, with the S&P 500 entering a bull market as investors rally around AI, according to Bank of America economists, as reported by CNN.
Ellison’s status as the largest stockholder in Oracle, holding approximately 42.9 percent of the company’s shares, as disclosed in a 2022 SEC proxy statement, has contributed significantly to his substantial fortune. Additionally, the 78-year-old billionaire holds a 1.5 percent stake in Tesla, as indicated in another 2022 SEC proxy statement.
Larry Ellison’s rise to become the fourth richest person globally underscores the growing influence of the AI industry and Oracle’s successful ventures in the technology sector. As he continues to amass wealth, Ellison’s accomplishments testify to the power of innovation and strategic investments in driving financial success in the modern world.