Larry Ellison, Oracle’s co-founder and chief technology officer, briefly surpassed Amazon founder Jeff Bezos as the world’s second-richest person after the software company’s shares saw their greatest week since late 2021.
Oracle’s Q1 results and long-term targets exceeded expectations, leading to a 14.3% increase in stock value last week.
Ellison’s net worth rose temporarily to $208.4 billion on Friday, according to Forbes’ Real-Time Billionaires List, but has since decreased to $197.7 billion. Ellison, who controls around 40% of Oracle, is the company’s largest shareholder.
Bezos’ net worth is $204.4 billion, while Tesla CEO Elon Musk is the richest person, valued $252.8 billion.
Oracle has been on a roll since its earnings report, and its multi-cloud strategy, which includes collaborations with Amazon, Google, and Microsoft, is projected to considerably improve its market position.
“We believe our cloud partnerships with AWS, Microsoft, and Google will turbocharge the growth of our database business for years to come,” Ellison had said during Oracle’s earnings call.