Larry Ellison, the Chairman of Oracle, witnessed a significant increase in his wealth by nearly $19 billion after the company forecast double-digit revenue growth for the fiscal year. This positive outlook led to a sharp rally in the stock, marking its best performance since 2021. Ellison’s substantial fortune is largely attributed to his ownership of about 1.15 billion Oracle shares, representing approximately 42% of the company’s outstanding stock. Following the recent surge in Oracle’s stock price, Ellison’s net worth now stands at around $170 billion, positioning him as the fifth-richest individual globally, trailing closely behind Meta CEO Mark Zuckerberg.
Despite stepping down from the CEO position a decade ago and assuming the role of chief technology officer in 2014, Ellison remains a prominent figure at Oracle, actively engaging in quarterly earnings calls and strategic decision-making processes. During the latest earnings call held after the company’s fiscal fourth-quarter report, Ellison emphasized Oracle’s development of data centers designed to support the growing demand for generative artificial intelligence. He highlighted the company’s construction of cloud data centers ranging from the smallest and most portable to 200-megawatt facilities, tailored for training extensive language models and ensuring their relevance in the evolving landscape.
Oracle’s shares surged by 13% to reach a record high of $140.38 following the optimistic revenue growth forecast and strategic initiatives outlined by Ellison. Financial institutions such as Bank of America, Barclays, Bernstein, JPMorgan, and UBS responded by raising their 12-month price targets for the stock, underscoring the market’s confidence in Oracle’s trajectory. While the quarterly financial results fell short of Wall Street expectations, Oracle remains upbeat about achieving double-digit revenue growth in the upcoming fiscal year, surpassing the 6% increase reported in the previous year. The company’s collaboration with Google’s public cloud and Microsoft’s cloud-based AI tools through OpenAI further enhances its market positioning and growth potential.
In addition to his leadership at Oracle, Larry Ellison is recognized for his extravagant lifestyle and diverse investments. His real estate portfolio spans across California, Florida, and the Hawaiian island of Lanai, reflecting his penchant for luxurious properties. Ellison’s active involvement in political campaigns, sponsorship of a sailing league, and ownership of the Indian Wells Tennis Garden in California demonstrate his broader impact beyond the tech industry. As a close confidant of Elon Musk, Ellison briefly served on the board of Tesla before stepping down. Reports suggest his potential involvement in financing Skydance Media’s proposed merger with Paramount Global, aligning with his son David Ellison’s role as the founder and CEO of Skydance Media.
Overall, Larry Ellison’s remarkable success at Oracle, coupled with his strategic vision and impactful investments, underscore his enduring influence in the technology sector and broader business landscape. With ongoing developments in cloud infrastructure, artificial intelligence, and strategic partnerships, Ellison continues to shape Oracle’s growth trajectory and position the company for sustained success in a dynamic market environment.