Oracle Co-founder Larry Ellison Surpasses Elon Musk as World’s Richest Person
New York, NY – September 11, 2024 – Larry Ellison, co-founder of Oracle and a prominent ally of former US President Donald trump, has overtaken Elon Musk as the world’s wealthiest individual, according too the Bloomberg Billionaires Index. The shift in the rankings comes as Oracle’s stock surges following optimistic forecasts for its cloud infrastructure and artificial intelligence ventures.
Ellison’s net worth reached $393 billion on wednesday, September 10th, exceeding Musk’s $385 billion. This marks a notable turning point after Musk held the title of the world’s richest person for nearly a year. The change is largely attributed to investor confidence in Oracle’s future growth, particularly within the rapidly expanding cloud computing and AI sectors.
Oracle shares have climbed over 40% recently, fueled by projections indicating a 77% increase in cloud services revenue this year, reaching $18 billion. The company anticipates continued growth and has reported heightened demand for its data centers, driven by the burgeoning field of artificial intelligence.
Safra Catz, Oracle’s CEO, announced on Tuesday that the company secured $4 billion in new customer contracts last quarter, with further deals anticipated in the coming months. this positive momentum contrasts with Tesla’s performance this year, as the electric vehicle manufacturer’s stock has experienced a decline, impacting Musk’s overall wealth.
While Musk was previously eligible for a potential trillion-dollar compensation package contingent on achieving ambitious goals over the next decade, Oracle’s success is directly tied to Ellison’s long-term investment in the company, a strategy that has consistently increased his wealth over the past five decades. The rise of both Oracle and Ellison underscores the growing importance of cloud infrastructure and AI in the global economy.
