Larry Ellison overtakes Mark Zuckerberg as world's second-richest person
Oracle has been a key winner as investors have piled into artificial intelligence (AI) stocks. The company's shares have nearly tripled since ChatGPT was released to the public in November 2022, but it's been on a particular tear over the past three months, with the stock gaining more than 90 per cent since late April as the computing provider recorded surging revenues and inked key partnerships.
Oracle's shares rose 5.7 per cent on Tuesday (Jul 15) on news that the US government would allow chipmakers including Nvidia and Advanced Micro Devices to export some semiconductors to China, reversing Biden-era restrictions. That pushed Ellison, 80, ahead of Mark Zuckerberg on Bloomberg's wealth index. More than 80 per cent of Ellison's wealth is in the form of Oracle stock and options.
In the past few months alone, Oracle has tallied tens of billions of US dollars in cloud computing contracts and announced it's developing gigawatts of data centre power to serve enterprise clients including OpenAI, which rented a massive amount of additional capacity earlier this month as part of the companies' Stargate initiative with SoftBank Group.
Its revenue last quarter blew by estimates, with chief executive officer Safra Catz saying that 'FY26 will be even better'.
Ellison is planning new ways to leverage his soaring wealth. On Tuesday, he announced in a post on X that he would be amending his support for the Giving Pledge to concentrate more of his resources on the Ellison Institute of Technology, an interdisciplinary technical institute that's partnered with the University of Oxford. The institute, which was founded in 2023, focuses on innovating in diverse fields including health, agriculture, clean energy and AI.
Nvidia CEO Jensen Huang's wealth has also been boosted by a recent run-up in his company's stock: Huang overtook Warren Buffett to move into ninth place on Bloomberg's rich list for the first time on Friday, where he's remained since. Nearly all of Huang's wealth is in Nvidia equity, according to Bloomberg's wealth index.
Elon Musk is still the world's richest person, according to Bloomberg's wealth index, with a net worth of US$357.8 billion. BLOOMBERG
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