Larry Ellison, the founder and former CEO of Oracle Inc., saw a massive $15 billion gain on Tuesday as shares of his software company experienced their best day in over two years, closing at a record high. Ellison, who started Oracle in 1977, remains the company’s largest shareholder with a stake valued at approximately $146 billion after the latest surge.
According to Forbes, Ellison is now the fifth-wealthiest person in the world, just behind Meta CEO Mark Zuckerberg and ahead of Warren Buffett. Oracle shares skyrocketed 12% to close at $127.54 after the software vendor reported fiscal third-quarter earnings that surpassed analysts’ expectations. Revenue in the company’s cloud services and licenses support segment also rose by 12%, exceeding estimates.
Despite being late to the cloud infrastructure game and somewhat on the sidelines of the artificial intelligence boom, Oracle’s increased demand for AI technology has allowed Ellison to highlight the company’s expansion in the industry’s hottest market. Ellison, who still serves as Oracle’s chief technology officer, mentioned on the earnings call that they are constructing an AI data center in the United States that can accommodate eight Boeing 747s nose-to-tail.
Over the past year, Oracle shares have surged by 52%, boosting Ellison’s wealth by around $50 billion. The stock has outperformed the S&P 500, which has gained 34% in the same period. Unlike Amazon’s Jeff Bezos, Ellison has chosen to hold onto all his stock rather than selling off portions. His last transaction in Oracle stock was a purchase of 7,000 shares in 2022, and he has not sold any since 2016.
In contrast, Bezos has sold over 50,000 Amazon shares this year, with his most recent sale in mid-February totaling more than 14 million shares valued at approximately $2.4 billion. Ellison’s steadfast belief in Oracle’s future prospects and his commitment to the company’s growth have certainly paid off, making him one of the wealthiest individuals in the world.
