Larry Ellison’s Wealth Soars by $14 Billion Overnight, Ranking Him as the World’s 7th Richest

Larry Ellison, Oracle’s founder and top shareholder, has risen two points on the Bloomberg Billionaires Index following the computer giant’s positive outlook this week.

Ellison’s net worth increased by $14 billion overnight to $152 billion from $138 billion yesterday.

The 79-year-old entrepreneur owns more than 40% of the cloud applications firm, leading to a 13% increase in shares on June 11 following excellent year-end financial results.

Ellison recently surpassed former Microsoft CEO Steve Ballmer and Alphabet founder Sergey Brin on Bloomberg’s Billionaires Index.

Ballmer and Brin’s wealth has increased by $21.2 billion and $27.2 billion this year, respectively, but not enough to surpass Ellison’s record-breaking $29.1 billion fortune in 2024.

The reason for their aggregate wealth expanding so rapidly is Silicon Valley’s favorite term: artificial intelligence.

Oracle’s CEO, Safra Catz, announced Tuesday that the company had signed “the largest sales contracts in our history—driven by enormous demand for training AI large language models.”

Catz, who formerly served as Oracle’s CFO, predicted that strong AI demand will boost Oracle sales in fiscal year 2025.

“In Q4 alone, Oracle signed over 30 AI sales contracts totaling more than $12.5 billion—including one with OpenAI to train ChatGPT in the Oracle Cloud.”

In addition to the OpenAI deal, Oracle is expanding its collaboration with Microsoft, a ChatGPT sponsor, and Google. During the results call, Ellison stated that hyperscalers such as Microsoft and Google are linking their clouds to better serve customers that use different cloud services.

Oracle and Google have reached an agreement to interconnect their clouds. We expect the Oracle database to be available in the Google Cloud in September of this year.”

Others with ties to Big Tech have had their fortunes increase this year, thanks to—you guessed it—AI. Technology has increased the wealth of the super-rich by at least $150 billion.

According to Alphabet’s proxy filing for 2023, CEO Sundar Pichai owns 227,560 Class A shares, while Brin controls 41.8% of the company’s Class B stock. Both individuals’ fortunes have grown as a result of disruptive technology, with Pichai nearing billionaire status through salary and stock awards.

Alphabet’s stock has risen this year—up 28% year to date as of writing—but has rebounded particularly when earnings have revealed favorable AI news. On April 25, the company announced its Q12024 results, stating that it was “well under way with our Gemini era” and maintaining its position as an AI leader.

The market responded positively, with shares opening 15% higher the day after the announcement than the previous morning.

The story is similar for Ballmer and Microsoft co-founder Bill Gates. In April, Gates’ worth increased by $2 billion due to an earnings call where CEO Satya Nadella cited AI 50 times, revealing new AI installations. He continued: “We have the most powerful AI infrastructure, and it’s being used by our partner, OpenAI, as well as Nvidia and leading AI startups like Adept and Inflection to train large models.”

Following the call, Microsoft shares experienced their highest single-day percentage increase since November 2022. Analysts also noted that the shares had never climbed more than $19.77 in a single session before reaching that level at the end of April.

Meta founder Mark Zuckerberg’s wealth has increased as a result of his “year of efficiency” and his adventures in artificial intelligence. Zuckerberg’s wealth has increased from $63 billion to $181 billion, according to Bloomberg’s Billionaires Index, following his announcements to streamline the company and expand its artificial intelligence approach in January and February, respectively.

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