Topline
Oracle cofounder Larry Ellison became the third-richest person in the world Wednesday, according to Forbes’ calculations, eclipsing rival tech mogul Jeff Bezos as shares of Ellison’s software company soars to all-time highs.
Larry Ellison has 152 billion reasons to smile.
Key Facts
Thanks to Oracle stock’s nearly 5% jump, Ellison’s net worth jumped 4% to $152 billion Wednesday, leaving Amazon founder Bezos’ $149 billion fortune in the dust.
It’s the first time Ellison has ever been the third-wealthiest person on earth, save for a brief period Tuesday.
Ellison is about $45 billion richer than he was just two months ago as Oracle shares staged a 45% rally on the back of the artificial intelligence craze; Ellison declared Oracle to be the “number one” provider of generative AI software Monday.
Ellison now trails just Tesla CEO Elon Musk ($235 billion) and LVMH chairman Bernard Arnault ($225 billion) in net worth.
Key Background
Forbes first named Ellison a billionaire in 1993, estimating his net worth to be $1.6 billion. Ellison cofounded Oracle 46 years ago, serving as its CEO for 37 years until 2017 and growing the company to one of the most valuable tech companies in the world. The billionaire remains Oracle’s largest shareholder and chairman of its board. In addition to his Oracle stake, Ellison owns a real estate portfolio worth more than $1 billion, including an island in Hawaii he bought for $300 million in 2012.
Crucial Quote
“He’s really one of the best engineers I’ve met,” Musk said about Ellison to Forbes in 2020 (Ellison served on Tesla’s board from 2018 to 2022). “When we engage on a technical subject, he understands it very quickly, even when it’s out of his normal arena, not software.”
Tangent
Ellison donated more than $20 million to Republican causes ahead of last year’s midterm elections, largely bankrolling a super-PAC linked to Sen. Tim Scott (R-S.C.). Ellison was present at Scott’s official presidential campaign kickoff last month, leading Scott to shout out Ellison as one of his “mentors.”
Further Reading
Inside Larry Ellison’s $1 Billion Real Estate Portfolio (Forbes)
Tech Billionaire Larry Ellison’s Record Political Giving Funds Election Deniers In Midterms (Forbes)
Elon Musk Ends Day As World’s Richest Person For First Time In 6 Months (Forbes)
Source: https://www.forbes.com/sites/dereksaul/2023/06/14/larry-ellison-overtakes-jeff-bezos-as-worlds-third-richest-person/