Oracle Chairman Larry Ellison’s net worth soared by nearly $19 billion as the software giant announced double-digit revenue growth for the fiscal year. This news caused Oracle’s stock to experience its most significant rally since 2021, reaching a record high of $140.38 per share on Wednesday. Despite stepping down as CEO a decade ago, Ellison continues to play a vital role in the company, particularly in technological advancements and strategic decision-making. With a staggering 1.15 billion shares, Ellison holds approximately 42% of Oracle’s outstanding stock, solidifying his position as a major driving force behind the company’s success.
During Oracle’s recent earnings call, Ellison proudly discussed the company’s innovative approach to data center construction. By developing scalable, cost-effective cloud data centers ranging from the smallest to 200-megawatt facilities, Oracle is well-positioned to meet the growing demand for generative artificial intelligence. This commitment to technological excellence has garnered the attention of industry analysts and investors, with major financial institutions like Bank of America, Barclays, and JPMorgan raising their price targets for Oracle’s stock. Despite falling slightly short of Wall Street expectations in quarterly profit and revenue, Oracle remains optimistic about achieving double-digit revenue growth in the upcoming fiscal year.
In a bold move, Oracle revealed plans to make its database available on Google’s public cloud, further expanding its reach in the cloud computing market. Additionally, a partnership with OpenAI will enable the use of Microsoft’s AI tools on Oracle’s powerful cloud infrastructure. These collaborations signify Oracle’s commitment to staying ahead of the curve in technological innovation and customer-centric solutions. Furthermore, Ellison stands to benefit from an anticipated increase in his Oracle stake as stock options granted to him in previous years are set to expire.
Known for his extravagant lifestyle, Larry Ellison has made headlines for his lavish spending habits and high-profile acquisitions. Reports reveal that Ellison owns properties in multiple states, including California, Florida, and the Hawaiian island of Lanai. Beyond real estate, Ellison has been actively involved in various philanthropic endeavors, political campaigns, and sports ventures. As a close friend of tech mogul Elon Musk, Ellison’s influence extends beyond the realm of software technology, with engagements in the entertainment industry and media financing. With his son, David Ellison, at the helm of Skydance Media, the Ellison family continues to make waves in the business world.
Larry Ellison’s remarkable journey from founding Oracle in 1977 to becoming one of the world’s wealthiest individuals showcases the power of innovation, perseverance, and strategic vision. As Oracle continues to push the boundaries of technology and expand its global footprint, Ellison’s leadership and unwavering dedication to excellence remain central to the company’s success. With a future filled with promising partnerships, groundbreaking technologies, and continued growth, Oracle and Larry Ellison are poised to leave an indelible mark on the world of technology and business.