The co-founder and CTO of Oracle, Larry Ellison has surpassed Mark Zuckerberg and has become the 2nd richest man in the world for the very first time. The recent surge in Oracle’s share prices has catapulted the net worth of Larry to a whopping $279 billion, much more than before.
The AI development of Oracle and its investment in upcoming AI firms, including the infamous OpenAI, has benefitted it significantly. The company’s shares have nearly tripled since 2022, when ChatGPT made its first appearance. However, this increase in Larry’s net worth is backed by the sudden surge in share prices in the last 3 months or so. Oracle’s stocks have increased almost 90% since April.
In the past few months, Oracle has spent billions of dollars in cloud computing contracts and data centres. This is partly because the revenue of the firm have increased by quite a margin, much more than expected. On top of that the Chief Executive Officer of the company, Safra Catz said, “FY26 will be even better.”
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Larry Ellison is charting a new course for the use of his expanding fortune. In a recent announcement on X, he revealed plans to revise his involvement with the Giving Pledge, opting to focus more intently on funding the Ellison Institute of Technology. Founded in 2023 in collaboration with the University of Oxford, the institute aims to drive progress across a range of critical areas including healthcare, sustainable agriculture, renewable energy, and artificial intelligence.
At the same time, Nvidia’s CEO Jensen Huang has experienced a notable increase in his personal wealth, largely due to the impressive rise in Nvidia’s stock value. As of last Friday, Huang surpassed Warren Buffett to secure the ninth position on Bloomberg’s Billionaires Index, where he has remained since.
