Latest news with #LarryEllison
Yahoo
2 days ago
- Business
- Yahoo
Larry Ellison tops Mark Zuckerberg as world's 2nd richest — here's the top 10
Meta (META) CEO Mark Zuckerberg is no longer the second-richest person in the world. That title now belongs to Oracle (ORCL) founder Larry Ellison. According to the Bloomberg Billionaire Index, gains of over $60 billion this year brought Ellison's net worth up to $257 billion, surpassing Zuckerberg's $247 billion, as of July 17. The switch in ranks came after surges in Oracle stock this summer, with Ellison's net worth jumping over $40 billion across three days in mid-June. Ellison, who founded Oracle in 1977 and served as its CEO for 37 years, owns approximately 40% of the software company. Earlier this week, Oracle also announced its plans for a $3 billion investment into AI and cloud infrastructure in Germany and the Netherlands over the next five years. This follows the company's continued push in artificial intelligence, including its participation in President Trump's Project Stargate. Read more: What's the No. 1 way Americans are becoming millionaires? Like many billionaires, Ellison has drawn some criticism for how he has used his wealth, including his 98% ownership of the Hawaiian island Lānaʻi. In 2010, Ellison joined the Giving Pledge, started by Bill Gates, Melinda Gates, and Warren Buffett, pledging to give a majority of his wealth to charitable causes in his lifetime. Ellison's fellow leaders in tech dominate the list of the top 10 richest people in the world. Elon Musk still holds the lead for the top spot by over $100 billion despite already taking $66.9 billion in losses this year. Read more: Do millionaires keep their money in checking accounts? Ellison's second-place spot is followed by Zuckerberg, Amazon (AMZN) founder Jeff Bezos, and former Microsoft (MSFT) CEO Steve Ballmer. All four have seen their fortunes grow significantly amid the current AI boom. Rounding out the top 10 are Alphabet (GOOG) founders Larry Page and Sergey Brin, Louis Vuitton SE (LVMUY) CEO Bernard Arnault, Nvidia (NVDA) CEO Jensen Huang, and Berkshire Hathaway (BRK-A) CEO and investor Warren Buffett. Nina is a data reporter intern for Yahoo Finance. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Larry Ellison tops Mark Zuckerberg as world's 2nd richest — here's the top 10
Meta (META) CEO Mark Zuckerberg is no longer the second-richest person in the world. That title now belongs to Oracle (ORCL) founder Larry Ellison. According to the Bloomberg Billionaire Index, gains of over $60 billion this year brought Ellison's net worth up to $257 billion, surpassing Zuckerberg's $247 billion, as of July 17. The switch in ranks came after surges in Oracle stock this summer, with Ellison's net worth jumping over $40 billion across three days in mid-June. Ellison, who founded Oracle in 1977 and served as its CEO for 37 years, owns approximately 40% of the software company. Earlier this week, Oracle also announced its plans for a $3 billion investment into AI and cloud infrastructure in Germany and the Netherlands over the next five years. This follows the company's continued push in artificial intelligence, including its participation in President Trump's Project Stargate. Read more: What's the No. 1 way Americans are becoming millionaires? Like many billionaires, Ellison has drawn some criticism for how he has used his wealth, including his 98% ownership of the Hawaiian island Lānaʻi. In 2010, Ellison joined the Giving Pledge, started by Bill Gates, Melinda Gates, and Warren Buffett, pledging to give a majority of his wealth to charitable causes in his lifetime. Ellison's fellow leaders in tech dominate the list of the top 10 richest people in the world. Elon Musk still holds the lead for the top spot by over $100 billion despite already taking $66.9 billion in losses this year. Read more: Do millionaires keep their money in checking accounts? Ellison's second-place spot is followed by Zuckerberg, Amazon (AMZN) founder Jeff Bezos, and former Microsoft (MSFT) CEO Steve Ballmer. All four have seen their fortunes grow significantly amid the current AI boom. Rounding out the top 10 are Alphabet (GOOG) founders Larry Page and Sergey Brin, Louis Vuitton SE (LVMUY) CEO Bernard Arnault, Nvidia (NVDA) CEO Jensen Huang, and Berkshire Hathaway (BRK-A) CEO and investor Warren Buffett. Nina is a data reporter intern for Yahoo Finance. Sign in to access your portfolio
Business Insider
2 days ago
- Business
- Business Insider
Oracle got big tax breaks in Texas for Stargate. Now it's going back for more.
Everything is bigger in Texas — just not the taxes. Oracle is disputing the property valuation of its Stargate data center site in Abilene, Texas, local officials confirmed to Business Insider. Oracle is eligible for an 85% property tax abatement for the Abilene data center, thanks to an agreement with the city's local economic development corporation. A lower property value, in addition to the abatement, would shrink the software giant's tax bill even further. BI has previously reported on the vast disparity between Big Tech's eye-popping data center investments and the seemingly minimal economic benefit they bring to local economies. In Abilene, Stargate developer Crusoe has committed to spending up to $3.5 billion to build the data center site in exchange for its property tax abatement. Crusoe has also committed to creating 357 new full-time jobs. As Crusoe's sub-lessee on the property, it's Oracle that ultimately benefits from the agreement. Companies often insist that tax breaks are crucial factors in choosing where to expand. Economic development officials say that any additional revenue to cities and towns is good, even if that revenue could have been higher without tax abatements. Oracle did not respond to a request for comment from BI. Oracle's executive chairman and CTO, Larry Ellison, is no stranger to property tax appeals himself. In 2008, he successfully lobbied San Mateo County to lower the value of his property, a 23-acre site with an 8,000-square-foot residence inspired by the country estate of a Japanese emperor. The county awarded him a $3 million tax break. Taylor County officials weren't surprised that Oracle filed a protest. The money-saving maneuver is often used, even if the company is already receiving other tax breaks or incentives. Texas law also gives any property owner (or an eligible sub-lessee, like Oracle) the right to challenge an appraisal. "It is a very large property," said Gary Earnest, Taylor County's chief appraiser. "But at the same time, you approach value in the same manner as you would any large company — Costco, Sam's, Walmart, or any of those guys." Earnest's appraisal valued the Stargate site at about $200 million for the 2025 tax year. He said it would be impossible to calculate what Oracle would pay in taxes at that valuation and with no abatement, because Texas property tax rates fluctuate from year to year and can be unpredictable. Elijah Anderson, Taylor County's auditor, said that more than half the county's new property value this year came from Lancium, the company that owns the land underneath the Stargate data center. He estimated that Taylor County would have gotten about $3 million in tax revenue from Lancium properties had the valuation not been challenged. The majority of Taylor County's $79 million general fund comes from property tax revenue, said Anderson, so an additional million or so dollars isn't exactly transformational. "It's not a doubling of anything," he said. "But it's a significant amount that could go toward new programs." Have a tip? Contact this reporter via Signal at 929-524-6954, email ethomas@
Yahoo
3 days ago
- Business
- Yahoo
Oracle founder is 2nd richest man: Ahead of Zuckerberg, behind Musk
Oracle (ORCL) co-founder and chief technology officer Larry Ellison surpassed Meta (META) founder and CEO Mark Zuckerberg as the world's second richest man, behind Tesla (TSLA) CEO Elon Musk, according to Bloomberg's calculations. Yahoo Finance Tech Editor Dan Howley and Market Domination Host Josh Lipton sit down with Julie Hyman on Market Catalysts to discuss Oracle's rise. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts here. Oracle co-founder Larry Ellison has officially surpassed Mark Zuckerberg to become the world's second richest person with a net worth of $251.2 billion. That's according to Bloomberg's billionaires index. The jump is thanks to the recent rally in Oracle shares. The stock is up over 40% year to date as investors pile into names they believe will be winners in the AI arms race. Joining me now on this Yahoo! Finance tech editor Dan Howley and market domination anchor Josh Lipton, who has followed the tech industry closely. Guys, thanks for being here. Um, on the one hand, Larry Ellison probably doesn't like to be second in anything, Josh. On the other, maybe feels good for him to edge out Mark Zuckerberg, from what we know about the sort of egos of some of these tech billionaires. Yeah, what's incredible is you look at the move in this stock, Julie, and I was talking to Dan about this off camera, remarkable move in the stock. And analysts are still pretty bullish on this one. And you'll hear bulls talk about, yes, they'll acknowledge at this point a premium valuation, but some of them will stick with it because they do believe, in their words, you've hit this sort of pivotal moment in the evolution of Oracle as a hyperscaler, as a big cloud giant. And I was actually talking to Patrick Moorhead about this, you know, both you know Patrick. And I was just curious to ask Patrick, when you think about this landscape, what are Larry and Safra's advantages? And Patrick says, you know, I would put it at three. He said, I would say, you can have an Oracle cloud in the public cloud, but also as a private cloud, meaning a cloud computing environment that's just for you. You get, he said, a full complete stack of software. Um, and he says, let's not overthink this, it just comes down to customer choice. Like customers would prefer to have more than three. And then I asked Patrick, okay, so if you're an investor though, and you're in this for the long haul, it's three, five years out, what would be the risks you should think about? And Patrick said, you know, as always, if you're in for five years, you're already wondering what the next leg of growth is. But then he said, and Dan's point of view on this, he also said, Larry and Safra don't have their own chips. And how that shakes out over time as a potential cost disadvantage as Larry and Safra go head-to-head with the Amazon and the Microsoft and the Google. Right. I mean, was there talk about that at some point, Oracle? I mean, as far as, yeah, I mean, look, this is, I think developing chips is something that only a select number of companies can do, right? It takes a lot of money and a lot of smart engineers. Yeah, I mean, it's the Microsofts which, you know, they're still, you know, working on theirs. Uh, Amazon, they have, they've been using theirs for a while. Google's been using it for quite some time, their TPUs. Um, and you know, I think that when it comes to where you see Oracle versus these other hyperscalers is, you know, quickly, let's just go over their yearly revenue, right? So, uh, for their year 2025, they reported $57.3 billion. That's for the whole year. Let's look at Microsoft for their last year. $245.1 billion. So it's Oracle's large, but it's not hyperscale large yet, right? Like, and so I think the idea here is that people are saying, well, people are already bought into Microsoft, people are already bought into Amazon, people are already bought into Google. Oracle's right there and they're more or less doing the same thing. How do we get in there as another play for the AI space? Does Stargate push them into hyperscale large is the question. That's the thing, right. It depends on, it depends on A, if Stargate is ever completed, it comes to fruition, right? I mean, yes, they're building out the data center. I think when they, when they announced that they showed kind of like the footings of the building itself, right? Uh, we'll have to see though if that actually turns into that huge network of data centers.
Bloomberg
3 days ago
- Business
- Bloomberg
Who Is Larry Ellison and How Did He Become World's Second-Richest Person
Larry Ellison dropped out of college before co-founding what eventually grew into one of the world's biggest tech companies. The fortune he amassed propelled him to the ranks of the uber-rich, and in July he eclipsed Mark Zuckerberg to become the world's second-wealthiest person. His success has been accompanied by a well-documented history of lavish living. That lifestyle — which includes megayachts, private planes, trophy properties and the purchase of a Hawaiian island — sometimes brings about controversies.
