In one of the most dramatic wealth shifts in history, Oracle co-founder Larry Ellison has seized the title of the world’s richest person. The 81-year-old tech titan saw his fortune skyrocket by an unprecedented $101 billion in a single day, propelling his net worth to $393 billion and past rival Elon Musk, according to the Bloomberg Billionaires Index.
How Did Larry Ellison Gain So Fast?
The staggering increase is directly tied to Oracle Corporation’s blockbuster quarterly performance. The company’s stock price surged by a remarkable 40% to $338 per share after it released an optimistic forecast for its cloud computing division. Ellison, who owns approximately 1.16 billion shares of Oracle, was the direct beneficiary of this historic market rally.
At approximately 10:10 a.m. in New York, the value of his holdings officially pushed him past Elon Musk, whose wealth was estimated at $385 billion at the time. This record-breaking single-day gain is a testament to Wall Street’s fervent belief in Oracle’s new direction.
What is Driving Oracle’s Incredible Success?
Oracle’s meteoric rise is fueled by the artificial intelligence (AI) revolution. Since the public release of ChatGPT in late 2022, Oracle’s shares have more than tripled. The company is successfully positioning itself as a critical infrastructure provider for the AI industry.
Key to this success are massive deals that establish its credibility:
The OpenAI Deal: In July, Oracle struck a monumental agreement to build a 4.5-gigawatt data center for OpenAI.
Major Clients: Tech giants like Nvidia and social media powerhouse TikTok (owned by ByteDance) rely on Oracle’s cloud services.
These developments have positioned Oracle as a serious competitor to long-dominant cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud.
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Who is Larry Ellison?
Oracle, a business first known for its database software, was co-founded by Larry Ellison, who also serves as its chief technology officer. Raised in Chicago after being adopted as an infant, Ellison is a college dropout who found his calling as a programmer in California.
His work on a database project for the CIA became the prototype for Oracle’s first product. He started the company in 1977, and it went public in 1986. Ellison resigned as CEO in 2014, however he still holds more than 40% of the company and serves as chairman and CTO. Among his lavish personal investments are:
- Stakes in companies like Tesla.
- The entire Hawaiian island of Lanai.
- The BNP Paribas Open tennis tournament at Indian Wells.
- A renowned sailing team and multiple luxury properties.
Did Politics Play a Role in Oracle’s Ascent?
Beyond market forces, Oracle’s surge is also linked to politics. Ellison is a notable and vocal supporter of former President Donald Trump. Since Trump’s return to office in January, Oracle has seen increased visibility and potential government-backed opportunities.
The company is a key player in the current administration’s $500 billion Stargate AI infrastructure program. Furthermore, Oracle is a top contender to acquire TikTok’s U.S. operations, a move publicly supported by Trump that is still pending regulatory approval.
This combination of political alignment, astute economic dealings, and technology innovation has propelled Oracle and its visionary founder to previously unheard-of heights.
