Related videos:
The businessman Larry Ellison, co-founder of Oracle, became the richest person in the world on Wednesday following the historic rise of his company's stock on Wall Street, according to the Bloomberg Billionaires Index Bloomberg.
Ellison's fortune, at 81 years old, skyrocketed by 101 billion dollars in just a few hours, reaching 393 billion at 10:10 AM local time in New York.
With this, he surpassed the South African-American magnate Elon Musk, who stands at 385 billion dollars after having led the list for almost a year.
Ellison's wealth surge occurred after Oracle -a multinational company specializing in software, hardware, and cloud services- announced the awarding of several multimillion-dollar contracts in its latest quarter, causing its shares to soar at market opening with an increase of 38.15%, its best performance since 1999.
The contracts reveal a greater presence of Oracle in the global competition for artificial intelligence, which has instilled confidence in investors. With this surge, the company is nearing a trillion-dollar market capitalization, according to CNBC data.
Despite closing the quarter below analysts' expectations, Oracle reported $455 billion in outstanding performance obligations, a 359% increase compared to the previous year.
While Bloomberg placed Ellison at the top of its billionaire index, the real-time list from Forbes presents a different picture, keeping Musk -co-founder of Tesla and SpaceX- in first place with 440 billion dollars, followed by Ellison with 406.3 billion.
The differences are due to the calculation methodologies and updates used by each outlet.
With Oracle's entry into the field of artificial intelligence and Ellison's rise, the competition among the major tech fortunes continues to reshape leadership in the exclusive club of the world's wealthiest individuals.
Frequently Asked Questions about Larry Ellison and Oracle's Rise in the Artificial Intelligence Market
How did Larry Ellison become the richest man in the world?
Larry Ellison became the richest man in the world thanks to the historic rise of Oracle's stock on Wall Street. The company announced the awarding of several multimillion-dollar contracts, which boosted its shares by 38.15%, resulting in a significant increase in Ellison's fortune.
Why did Oracle's stock rise so much in the market?
The shares of Oracle rose following the announcement of several multimillion-dollar contracts the company secured in the last quarter. These contracts highlight Oracle's growing presence in the field of artificial intelligence, which instilled confidence among investors and resulted in a 38.15% increase in its stock value.
What is the difference between Bloomberg's Billionaires Index and the Forbes list?
The differences between the Bloomberg Billionaires Index and the Forbes list are due to the different calculation and updating methodologies each outlet employs. While Bloomberg ranks Larry Ellison as the richest, Forbes keeps Elon Musk in the top spot, reflecting the dynamic nature and variability in the valuation of personal fortunes.
How is competition among the major tech fortunes affected by the rise of Oracle?
The rise of Oracle and Larry Ellison in the world of large tech fortunes is reshaping leadership in this exclusive club. The growing influence of Oracle in artificial intelligence has not only boosted Ellison's wealth but also escalated competition among tech giants such as Elon Musk, Jeff Bezos, and other industry leaders.
Filed under: