Oracle Chairman Larry Ellison Surpasses Jeff Bezos as His Net Worth Reaches $206.1 Billion

Larry Ellison, the chairman of Oracle, has seen his wealth skyrocket, surpassing even Amazon founder Jeff Bezos. On Monday, Ellison’s real-time net worth reached a remarkable $206.1 billion, as reported by Forbes. Bezos, once the richest man in the world, is now just behind with a fortune of $203.1 billion. The surge in Ellison’s wealth aligns with Oracle’s impressive stock performance this year, especially due to the booming success of its cloud services business. Oracle shares saw a significant rise of nearly 5% during mid-day trading on Monday, capping off a strong year where the company’s stock has risen by about 63.4%.

Ellison’s wealth is tied closely to Oracle’s performance, as he holds just under 40% of the company’s outstanding stock, according to Forbes. This massive stake in Oracle has cemented his position as one of the world’s wealthiest individuals, with Ellison now ranked as the fifth-richest person globally, according to the Bloomberg Billionaires Index.

The recent surge in Oracle’s stock comes in the wake of its stellar performance in the first quarter of the fiscal year, where the company surpassed Wall Street’s expectations. After the company posted its quarterly earnings results, its shares jumped 13% the following day and closed at an all-time high of $157.10 on September 11. The company’s total quarterly revenue was up by 7% compared to the same period last year, and when adjusted for constant currency, revenues rose by 8%.

One of the key drivers of Oracle’s strong performance is its cloud services division, which has been pivotal in the company’s growth. Oracle reported that its cloud services revenue in U.S. dollars grew by 12% year-over-year, while in constant currency terms, it surged by 22%. This growth reflects the increasing demand for Oracle’s cloud services as companies continue to shift their operations to the cloud.

Safra Catz, Oracle’s chief executive officer, highlighted the importance of the cloud business in Oracle’s success, saying, “As Cloud Services became Oracle’s largest business, both our operating income and earnings per share growth accelerated.” This shift towards cloud services is not only driving revenue but also significantly boosting the company’s profitability.

Ellison has also been vocal about the company’s cloud expansion. He revealed that Oracle now has 162 cloud data centers globally, either in operation or under construction. This extensive network of data centers is a key component of Oracle’s cloud strategy. Ellison further emphasized the scale of these operations by highlighting Oracle’s largest data center, which has a capacity of 800 megawatts and is designed to house massive NVIDIA GPU clusters. These GPU clusters are critical for training large-scale artificial intelligence models, which are becoming increasingly important in today’s technology landscape.

At an Oracle investor event held last Thursday, Ellison shared an anecdote about the company’s efforts to secure more GPUs, which are essential for powering AI models. He mentioned that he and Elon Musk, the world’s richest person, were in discussions with Nvidia’s chief executive, Jensen Huang, urging him to supply more GPUs.

Ellison humorously recounted the conversation, saying, “Please take our money. No, no, take more of it. We need you to take more of our money. Please.” He added that their efforts to secure more GPUs were successful, remarking, “It went okay. It worked.”

The demand for GPUs, particularly those produced by Nvidia, has surged in recent years due to the rise of artificial intelligence and machine learning applications. These technologies require massive computational power, and GPUs are at the heart of this processing. Oracle’s investment in Nvidia’s technology underscores the company’s commitment to staying at the forefront of AI innovation and cloud computing.

Ellison’s close relationship with some of the tech industry’s biggest names, including Elon Musk, has only further solidified his influence in the world of technology. Both Ellison and Musk have been key players in advancing AI technologies, and their collaboration highlights the growing importance of AI in shaping the future of industries ranging from cloud computing to autonomous vehicles.

In addition to Oracle’s success, the broader tech industry has experienced a resurgence in 2023, with many companies benefiting from the increasing adoption of cloud computing, artificial intelligence, and other cutting-edge technologies. As a result, Oracle has positioned itself as a leader in the cloud space, competing with giants like Amazon Web Services and Microsoft Azure. The company’s aggressive expansion of its cloud infrastructure and its partnerships with AI innovators like Nvidia are part of its broader strategy to capture more market share in this highly competitive industry.

Oracle’s move into cloud services and AI has proven to be a game-changer, and the company’s leadership, particularly Ellison, has been instrumental in guiding this transition. With his personal wealth continuing to grow alongside Oracle’s stock performance, Ellison remains a key figure in the global technology landscape.

Oracle’s future looks bright as it continues to invest in the latest technologies and expand its cloud capabilities. The company’s success in the cloud market, combined with its focus on AI and data center expansion, positions it well for continued growth in the coming years.

Ellison’s rise in wealth reflects not only the success of Oracle but also the broader trend of tech billionaires who are seeing their fortunes grow as their companies lead the way in technological innovation. With Oracle’s stock continuing to climb and its cloud services playing an increasingly important role in the company’s revenue, it seems likely that Ellison’s wealth will only increase further in the near future.

As of now, Larry Ellison’s $206.1 billion fortune places him among the wealthiest individuals in the world, and with Oracle’s stock continuing to perform well, he could soon climb even higher in the rankings. Meanwhile, Jeff Bezos, who held the title of the world’s richest person for several years, remains a close contender with a net worth of $203.1 billion.

Oracle’s remarkable performance in the cloud business and AI sectors has been a key driver of Ellison’s recent wealth surge. As Oracle continues to expand its cloud infrastructure and capitalize on the growing demand for AI technology, Ellison’s net worth is expected to continue its upward trajectory. This success story underscores the growing influence of cloud services and AI in shaping the future of the tech industry.