Oracle co-founder Larry Ellison has become the world’s second-richest person, boosting his net worth by $40 billion in just two days to reach $258 billion.
Gatekeepers News reports that this follows a massive rally in Oracle’s stock, triggered by the company’s strong quarterly earnings that exceeded market expectations.
The billionaire tech mogul surpassed Amazon chairman, Jeff Bezos, and Meta CEO, Mark Zuckerberg in Forbes’ real-time billionaires ranking.
According to Forbes, Oracle shares soared 13% on Thursday and gained another 7% by mid-Friday, hitting an all-time high of approximately $215 per share.
The rise in share price added $104 billion to Oracle’s market value. Ellison, who owns around 41% of Oracle, saw his fortune jump by $25 billion on Thursday and another $16 billion on Friday.
Only Tesla and SpaceX CEO Elon Musk, with a net worth of $414 billion, now ranks higher than Ellison on Forbes’ list.
The Forbes report revealed that the rally was driven by Oracle’s latest earnings report, released Wednesday. The report highlighted adjusted earnings per share of $1.70 and revenue of $15.9 billion for the quarter.
This was due to a rising demand for Oracle’s cloud infrastructure, especially in supporting artificial intelligence workloads.
