Larry Ellison Raises $12 Billion in Fortune as Oracle Cloud Sales
Oracle co-founder's assets raises after announcement of unexpected expansion of computing programming.
Larry Ellison’s total assets took off $12 billion after Oracle Corp. announced an unexpected expansion in income from deals of its distributed computing programming.
According to the Bloomberg Billionaires Index, Ellison is the ninth richest person on the planet, with a fortune of $119.5 billion.
He’s one spot ahead of Warren Buffett and just behind former Microsoft CEO Steve Ballmer.
Oracle Co-founder gains $12 billion in a day as shares surgehttps://t.co/W0p1zektxU pic.twitter.com/57vgV5CHA5
— SeaHawk Updates 🕵🏼♂️ (@SeaHawkUpdates) December 11, 2021
Ellison, who is 77 years old, owns more than 40% of Oracle, the business software company he co-founded in 1977 and continues to lead as chairman and chief technology officer.
While Ellison’s Oracle stock accounts for over 75% of his net worth, he also holds a $15 billion interest in Tesla Inc., making him one of the company’s top individual shareholders.
The stock of Oracle increased by 16%. After the software behemoth’s fiscal second-quarter results were released on Friday.
Oracle has been trying for years to close the gap in cloud computing market share between itself and Amazon.com Inc., Alphabet Inc.’s Google, and Microsoft.
On Thursday, during the company’s earnings call, Ellison took a shot at Amazon’s cloud division, which had a setback this week when an outage disrupted package deliveries and shut off key streaming services.
A consumer of Oracle’s cloud services gave Ellison positive feedback, he claimed. On the call, he stated, “And the message said the one thing we’ve seen about Oracle, Oracle’s cloud, is that it never goes down“, “We can’t say the same for the rest of the clouds“.