Oracle’s recent surge in stock prices has propelled co-founder Larry Ellison’s net worth sharply upward. This dramatic shift has positioned him as one of the richest people globally, surpassing Tesla CEO Elon Musk.
After its latest revenue report, Oracle’s shares soared during after-hours trading, signaling strong sales and an optimistic outlook for its cloud business. This bullish trend pushed Oracle’s stock up more than 32% in after-hours and pre-market trading, with an impressive 39.6% increase noted by Wednesday morning. The momentum continued even after the market opened.
Ellison, who owns around 1.16 billion shares—about 41% of the company—saw his net worth skyrocket to approximately $111 billion by 11 a.m. on Wednesday.
With these gains, Ellison has now overtaken Mark Zuckerberg, securing the title of the second richest person. His wealth leap is particularly significant as Musk had held the top spot prior to Oracle’s stock jump post Tuesday’s trading.
Starting the week at around $294 billion, Ellison’s wealth experienced a remarkable $70 billion boost due to the rise in share prices during after-hours trading.
As Oracle shares surged throughout Wednesday’s trading session, Ellison’s financial standing edged ahead of Musk, emphasizing the shifting tides in the billionaire rankings.
Musk’s net worth had surged from approximately $262 billion in early November last year to over $414 billion by January, making for a stark contrast against Ellison’s recent gains.
While the dynamics between Ellison and Musk continue to evolve, both their fortunes are closely linked to the stock prices of their respective companies—Oracle and Tesla.
