Oracle Corporation's (ORCL, Financial) co-founder and chairman, Larry Ellison, has surpassed Jeff Bezos and Mark Zuckerberg to become the world's second richest person. Ellison's net worth soared by $26 billion, reaching $243 billion, making it the largest single-day increase among billionaires. This leap places him ahead of Amazon's chairman, Bezos, with a net worth of $227 billion, and Meta's CEO, Zuckerberg, with $239 billion, according to Forbes. Ellison now ranks second on the Forbes billionaire list, trailing only Tesla's CEO, Elon Musk.
Oracle's recent financial report, released on Wednesday, showed stronger-than-expected profits and sales for the fiscal quarter ending in May. This drove the company's stock price up by over 13% to $199.86. Deutsche Bank analyst Brad Zelnick described the earnings update as a "watershed" moment for Oracle, highlighting Ellison's vision in leading a new era of cloud computing, particularly as Oracle plays a critical role in advancing AI technology.
TD Cowen analyst Derrick Wood predicts that Oracle's fiscal year 2026, starting this month, will be a significant turning point for the company's core cloud infrastructure services, driven by a surge in demand for AI training workloads.
