Oracle founder Larry Ellison has hit a jackpot with a $15 billion gain as shares of his software company soared to a record high. Ellison, who started Oracle in 1977, remains the company’s largest shareholder with a stake valued at approximately $146 billion, making him the fifth-wealthiest person in the world.
The surge in Oracle’s stock price came after the software vendor reported fiscal third-quarter earnings that surpassed analysts’ expectations. The company’s revenue in the cloud services and licenses support segment also saw a significant increase, further boosting investor confidence.
Despite being late to the cloud infrastructure game, Oracle has been making strides in the artificial intelligence sector, with growing demand for its AI technology. Ellison, who still serves as Oracle’s chief technology officer, highlighted the company’s expansion in the AI market, including the construction of a massive AI data center in the United States.
Over the past year, Oracle shares have spiked by 52%, adding around $50 billion to Ellison’s net worth. Unlike other tech moguls like Jeff Bezos, Ellison has held onto all his stock, with his last transaction in Oracle stock being a purchase of 7,000 shares in 2022.
In comparison, Bezos has been selling off chunks of his Amazon shares, with his most recent sale totaling over 14 million shares valued at approximately $2.4 billion. Ellison’s strategic decision to retain his stock has paid off handsomely, with Oracle outperforming the S&P 500 in the past 12 months.
The success of Oracle under Ellison’s leadership has solidified his position as one of the most influential figures in the tech industry, with his innovative approach to AI technology driving the company’s growth and profitability.
