Who is Larry Ellison? What did he do that his wealth soared by $14 billion overnight?

Following Oracle's strong financial outlook this week, founder and top shareholder Larry Ellison moved up two points on the Bloomberg Billionaires Index, reports 'Yahoo Finance'. Ellison had a net worth of $138 billion as of yesterday. Overnight, it jumped $14 billion to $152 billion. The main reason for this rise is that the 79-year-old businessman owns more than 40% of Oracle, a company whose shares rose 13% on June 11 following the release of the company's strong year-end results.

Ellison Moves Ahead of Ballmer and Brin

Due to his unanticipated growth in wealth, Larry Ellison has surpassed two other tech titans on Bloomberg's Billionaires Index, Steve Ballmer, the former CEO of Microsoft, and Sergey Brin, the founder of Alphabet, the parent company of Google.

According to 'Yahoo Finance', Ballmer and Brin have not been able to overtake Ellison, though their respective net worths have increased significantly this year to $21.2 billion and $27.2 billion respectively. Ellison's net worth increased by $29.1 billion in 2024 alone, setting a new record. The development of artificial intelligence, a major area of interest in Silicon Valley, is primarily responsible for the tech giants' exponential rise in wealth.

Oracle’s recent outlook

CEO Safra Catz announced that Oracle has signed its biggest sales contracts so far in the company's most recent outlook, which was made public on Tuesday.
According to Catz, who was Oracle's CFO before, the company's sales would increase during the 2025 fiscal year due to the high demand for AI.

She further said that Oracle had inked over 30 AI sales contracts totaling over $12.5 billion in the fourth quarter alone. Using the Oracle Cloud to train ChatGPT was one of the noteworthy contracts that came from this.
Oracle is expanding its partnerships with major tech companies like Microsoft and Google. During an earnings call, Larry Ellison mentioned that they are working closely with these companies.

FAQs:

What did Oracle CEO Safra Catz announce about the company's future outlook?
Safra Catz announced that Oracle expects significant sales growth in fiscal year 2025, driven by strong demand for AI technologies.

Who did Larry Ellison surpass on the Bloomberg Billionaires Index?
Larry Ellison moved ahead of Steve Ballmer, former Microsoft CEO, and Sergey Brin, Google's co-founder, on the Bloomberg Billionaires Index.