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Larry Ellison, co-founder and chief technology officer of Oracle, saw his net worth skyrocket after the software company’s stock reached record highs early this week.
Ellison’s net worth made a $17 billion leap to $170 billion Wednesday morning, according to Forbes’ real-time billionaires tracker. This was the day’s largest gain of any billionaire on the list, Forbes said.
The 79-year-old is now the fifth-richest person on Forbes’ list, behind Meta co-founder Mark Zuckerberg at no. 4, LVMH CEO Bernard Arnault at no. 3, and Amazon co-founder Jeff Bezos at no. 2. Tesla and SpaceX CEO Elon Musk tops the list with a $210 billion net worth, which was up $4.4 billion on Wednesday.
A large chunk of Ellison’s net worth comes from his 40% stake in Oracle, whose stock was up 12% as of Wednesday afternoon to $138.86 per share. Year-to-date, Oracle’s share price has jumped 33%
The rally comes despite Oracle delivering fourth-quarter earnings Wednesday that fell short of analysts’ estimates. The company also announced cloud deals with Microsoft-backed OpenAI and Google, which will make Oracle’s database available on the Google Cloud later this year.
Oracle reported $3.1 billion in net income, and $14.3 billion in revenues. Remaining performance obligations (RPO), or the amount of revenues the company projects to come from existing deals in future quarters, were up 44% to $98 billion, driven by strong sales. This likely drove the strong positive investor response.
Oracle left Silicon Valley for Austin in 2020 and announced this April that it will be moving its headquarters to Nashville. Ellison said the city is a “fabulous place to live” and is also “the center of the industry we’re most concerned about, which is the healthcare industry.”
The company, which is widely known for its database technology, deepened its foray into the healthcare sector when it made a $28 billion acquisition of health IT and electronic health records software company Cerner back in June 2022.