After a record-breaking increase in his wealth, Larry Ellison the 81-year-old Co-founder of Oracle has surpassed Elon Musk to become the richest man in the world.
With Oracle’s stock price rising nearly 40% on the strength of better-than-expected earnings and a positive outlook for growth, Ellison saw his net worth soar by an unprecedented $101 billion in a single day. He is now worth $393 billion, surpassing Musk’s $385 billion, according to the Bloomberg Billionaires Index.
Together with Bob Miner and Ed Oates, Larry Ellison co-founded Oracle in 1977, and he helped it grow into one of the most significant software companies in the world. Although he was the company’s CEO until 2014, he is still its biggest shareholder, owning roughly 41% of Oracle’s stock, which is valued at over $1 trillion at current prices. He is renowned for his extravagant lifestyle and was a college dropout who relocated to California in the 1960s. He has investments in Tesla, Salesforce, and even held a position on the board of Apple. He also owns an island in Hawaii and collects watches and yachts.
Following Paramount’s merger with Skydance Media, his son David Ellison is expected to take over. Having pledged to donate 95% of his fortune during his lifetime in 2010, Larry Ellison is also a philanthropist. He gave the University of Southern California $200 million in 2016 to build a cancer treatment facility.
It is pertinent to know that with a $384 billion net worth, Musk had a commanding lead prior to Oracle’s stock surge. However, Ellison surged ahead due to the dramatic increase in Oracle’s stock, which was up nearly 40% as of Wednesday morning.
BrandSpur banking and finance news desk reports that by late morning in New York, Ellison’s fortune had risen to $393 billion, solidifying his position at the top of the global wealth rankings, with approximately 1.16 billion shares in Oracle. For the first time, Larry Ellison holds the title of richest man in the world.
