Larry Ellison Surpasses Jeff Bezos as Second Richest Man Globally
Oracle co-founder Larry Ellison has officially overtaken Amazon’s Jeff Bezos to become the second richest person in the world, according to the Bloomberg Billionaires Index. Bezos had held this coveted position for nearly eight years, with Meta’s Mark Zuckerberg occasionally occupying it.
Ellison’s wealth surged by over $20 billion this week, attributed to a significant rise in Oracle Corp.’s stock price, which soared 13% to close at $199.85. This spike followed Oracle’s announcement of a remarkable forecast—a 70% increase in cloud infrastructure sales for the fiscal year.
Traditionally recognized for its database solutions, Oracle is rapidly establishing itself as a significant player in cloud computing, especially for businesses focused on artificial intelligence. Recently, the tech giant initiated a joint venture named Stargate, set to deliver substantial computing power to OpenAI. CEO Safra Catz expressed optimism, stating that Oracle is poised to become one of the largest cloud infrastructure companies globally, with expectations for dramatically higher revenue growth rates by fiscal year 2026.
The $138 billion in Oracle’s remaining performance obligations indicates an increase from the previous quarter’s $130 billion, signaling robust future bookings. Analysts noted that Ellison remarked on an unprecedented new order: “We will take all the capacity you have, wherever it is,” highlighting the soaring demand for data center capabilities driven by AI advancements.
In response to this increasing demand, Oracle’s capital expenditures have seen a dramatic rise, tripling to $21.2 billion for the year end of May 31, with plans to increase to $25 billion this fiscal year. Ellison remarked that the current demand continues to outstrip supply because of the rapid pace of data center construction.
With these developments, Ellison’s ascent in wealth marks a significant moment in the ongoing evolution of the tech industry.
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