Larry Ellison, co-founder of Oracle Corporation, is about to unseat Elon Musk as the world’s richest man. After a stellar quarterly earnings report from Oracle this week, Ellison saw his net worth soar by $70 billion to a staggering $364 billion. This $120 billion boost has brought him within striking distance—now only $20 billion behind Musk’s net worth of $384 billion. We view this moment as a historic opportunity for change within the tech industry.
His astonishing increase in fortune is thanks to Oracle’s share price, which soared 33% in premarket trading. As Oracle’s largest individual shareholder, Ellison stands to benefit directly from the company’s continued success. Analysts suggest that if Oracle’s stock maintains its upward trajectory, Ellison could soon capture the coveted title of the world’s richest individual.
Ellison founded Oracle in 1977 after failing out of college. He has gone on to a long and storied career in the technology sector. His recent contract with OpenAI, Microsoft’s parent company of ChatGPT, cements his position on the cutting edge of the tech landscape. In July, he closed a huge contract to sell OpenAI 4.5 gigawatts of electricity to run its AI software. This accomplishment is a testament to his tremendous impact on the industry.
Even at 81 years old, Ellison has built a deeply complex portfolio that intersects far beyond the world of technology. His ownership of most of the Hawaiian island of Lana’i is one example of his strong business sense. He’s perhaps best-known for successfully reinventing the Indian Wells tennis tournament in California. Frequently referred to as the “fifth slam,” this event is one of the most prestigious in the sport of tennis.
Beyond those policy moves, Ellison’s deep political connections, even to the now-imprisoned former President Donald Trump, have crafted his public persona. He became a fixture alongside Trump at tech industry events on the White House campus. This presence underscored his stature as the go-to in the bridge building as well as business and political arenas.
As Ellison inches closer to Musk’s net worth, his ability to secure rewarding contracts and maintain Oracle’s growth will be pivotal. We all know the rapidly shifting tech landscape. Given Oracle’s recent domination, Ellison is poised to claim his place in history over the upcoming weeks.