Larry Ellison briefly overtakes Elon Musk as richest man in the world
Larry Ellison, the founder of Oracle, has seen his fortune rise as a result of Oracle’s recent remarkable stock performance. Thanks to this impressive growth, he now ranks among the world’s wealthiest individuals, briefly eclipsing the Tesla boss.
The strong financial results and promising outlook for Oracle have excited investors. The company’s S&P 500-listed shares rose by about 39.77% before the market opened on Wednesday, reaching $337.55 (€287.83), which would be a record in regular trading.
According to Bloomberg calculations, Ellison’s net worth has climbed to around $393 billion (€335.5 billion) – even more than Elon Musk’s estimated net worth of $384 billion (€326.4 billion). The lead was short-lived, however, thanks to stock market fluctuations.
Oracle owes its success largely to the rapid growth in the cloud computing sector. The company has impressed investors with its cloud sector growth forecasts for the current fiscal year. Oracle predicts a 77% increase in cloud infrastructure revenue to $18 billion (€15.3 billion). This ambitious target has been particularly well received by market players.
In addition, Oracle is responding to the growing demand for artificial intelligence (AI) applications. The company plans to provide significant computing power from its cloud platform to support OpenAI, the maker of ChatGPT. Oracle already counts major clients such as TikTok and Nvidia.
The impressive growth of Oracle’s “remaining performance obligations” – a measure of future contract revenue – exceeded analysts’ expectations, reaching $455 billion (€386.75 billion). This key figure highlights the company’s strong business momentum and reinforces confidence in its long-term prospects.
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