This Wednesday, June 14, the co-founder of Oracle, Larry Ellisonbecame the third richest person in the world according to estimates from Forbes. For the first time, the so-called ‘king of databases’ managed to outperform Bill Gates in the billionaire indices and, not satisfied, in less than 24 hours his fortune increased until he ousted Jeff Bezos.
The 78-year-old businessman has been in the top 10 richest in the world since 2005, but he had never been higher than fifth. Forbes first named Larry Ellison a billionaire in 1993, estimating his net worth at $1.6 billion.
However, on Tuesday June 13 something changed. Shares of Oracle Corp soared to record levels, lifting Larry Ellison’s net worth to $129.8 billion. Such wealth put him fourth in the Billionaires Index. Bloomberg‘only’ 700 million above the fortune of the co-founder of Microsoft.
Just one day later, the Bronx, New York-born businessman added even more money to his fortune: reached 152,400 million dollars. That figure leaves behind the 149.100 million of Jeff Bezos, who until a few hours ago was the third richest man in the world. Now Larry Ellison is only after Elon Musk (235,200 million) and bernard arnault ($225.1 billion).
In July 2022, he had an estimated fortune of $106 billion and was ranked sixth in the Forbes Billionaires Index. This means an increase of almost 44% in just 11 months, while the publication stresses that the tycoon “is 45,000 million richer than he was just two months ago.”
Larry Ellison bets on the artificial intelligence of Cohere, rival of OpenAI (and is winning)
Earlier this week, Ellison said that Oracle is “the number one provider of generative artificial intelligence software.” The reason? You have a new ally to compete against the Microsoft-OpenAI alliance. The company revealed its investment in the startup Coherededicated to the development of AI and which raised 270 million dollars in a recent round of financing, according to reports Yahoo! Finance.
Oracle’s shares began to rebound since the partnership plans between Larry’s company and Cohere were revealed on June 7. But these shot up in record time on Monday the 12th, when its price exceeded $123 per paper. Oracle shares they have risen more than 42% so far this year thanks to optimism for artificial intelligence.
Oracle is one of the world’s largest providers of corporate software. According to the company’s results, published Tuesday, they posted record revenues of $50 billion in fiscal year 2023.
The New York businessman, who was given up for adoption as a baby, remains Oracle’s chairman of the board and the largest shareholder with approximately 42.9% of its shares, according to a 2022 filing with the SEC. He also owns about 1.5% of Tesla’s shares.Elon Musk’s electric car company, whose value is estimated at 11,000 million dollars.
In addition, Larry Ellison is an eccentric billionaire known for being a lover of luxury and hedonism. In addition to his extensive investment portfolio, he has a real estate portfolio valued at more than $1 billion, including an island in Hawaii that cost him $300 million in 2012. Added to this are yachts, planes, and huge art collections, jewelry and much more.
Mairem Del Rio Addicted to watching series and movies, doing (a little) exercise and changing my hair color. I am also a journalist, with more than 16 years of experience and dedicated 100% to digital media since 2011. I have been from a reporter and community manager, to an editor in various media and agencies. My areas of expertise are as diverse as they are contrasting: entertainment, travel, lifestyle, health, business, and finance. Now I am focused on the entrepreneurial ecosystem, cryptocurrencies, NFTs, metaverses and the promising cannabis industry in Mexico.