Larry Ellison is now the richest man in the world, surpassing Elon Musk after his wealth skyrocketed.
The 81-year-old co-founder of Oracle saw his net worth soar by an incredible $101 billion in a single day, as the company’s stock price rose by almost 40% due to better-than-expected earnings and a favourable growth projection.
Ellison is now worth $393 billion, surpassing Musk’s $385 billion, according to the Bloomberg Billionaires Index.
Who is Larry Ellison?
Together with Bob Miner and Ed Oates, Larry Ellison co-founded Oracle in 1977, and he helped it grow into one of the most significant software businesses in the world. Although he was the company’s CEO until 2014, he is still its biggest shareholder, owning over 41% of Oracle’s stock, which is valued at over $1 trillion at current prices.
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Ellison is renowned for his extravagant lifestyle and was a college dropout who relocated to California in the 1960s. He has investments in Tesla, Salesforce, and even held a position on the board of Apple. He also owns an island in Hawaii and collects watches and yachts. Following Paramount’s merger with Skydance Media, his son David Ellison is expected to take over.
Having pledged to contribute 95% of his fortune over his lifetime in 2010, Larry Ellison is also a philanthropist. He gave the University of Southern California $200 million in 2016 to build a cancer treatment facility.
With a $384 billion net worth, Musk had a commanding lead before to Oracle’s stock surge. However, Ellison surged ahead due to the dramatic increase in Oracle’s stock, which was up over 40% as of Wednesday morning.
By late morning in New York, Ellison’s fortune had risen to $393 billion, solidifying his position at the top of the world wealth rankings, with around 1.16 billion shares in Oracle.
For the first time, Larry Ellison holds the title of richest man in the world.
