Oracle: Larry Ellison’s wealth rises by $14 billion as stock surges thanks to AI

Oracle founder and largest shareholder Larry Ellison jumped two spots on the Bloomberg Billionaires Index after the tech giant released an excellent outlook this week.

Just yesterday Ellison’s net worth was $138 billion, but overnight it jumped from $14 billion to $152 billion.

This is largely because the 79-year-old entrepreneur owns more than 40% of the cloud applications business, whose shares rose 13% on June 11 after the company posted positive year-end financial results.

As a result of his sudden surge in wealth, Ellison surpassed two other tech titans on the Bloomberg Billionaires Index: former Microsoft CEO Steve Ballmer and founder of Google parent company Alphabet Sergey Brin.

While Ballmer and Brin have seen increases in their wealth so far this year ($21.2 billion and $27.2 billion respectively), it hasn’t been enough to stay ahead of Ellison, whose fortune has skyrocketed by $29. .1 billion in 2024 alone, taking it to a record.

The reason their collective wealth is growing so exponentially is Silicon Valley’s favorite term: artificial intelligence.

As for Oracle, in its excellent outlook published Tuesday, CEO Safra Catz said the organization had signed “the largest sales contracts in our history, driven by enormous demand for training large “AI language.”

Catz, who previously served as chief financial officer at Oracle, continued: “Throughout fiscal 2025, I expect continued strong demand for AI to drive Oracle’s sales… even further.

“In the fourth quarter alone, Oracle signed more than 30 AI sales contracts totaling more than $12.5 billion, including one with OpenAI to train ChatGPT on Oracle Cloud.”

In addition to the OpenAI contract, Oracle is also working more closely with Microsoft (a ChatGPT manufacturer sponsor) and Google. During the earnings call, Ellison said, “As customers continue to choose and use multiple clouds, hyperscalers like Microsoft and Google are responding by interconnecting their clouds.

“Oracle recently signed an agreement with Google to interconnect our clouds… We expect Oracle’s database to be available on Google Cloud in September of this year.”

Ellison is not the only one

Others with ties to Big Tech have also seen their wealth increase this year thanks to (you guessed it) AI. Overall, the super-rich have seen at least $150 billion added to their fortunes thanks to technology.

Take Brin, who owns 41.8% of Alphabet’s Class B shares (according to the company’s 2023 proxy statement), and CEO Sundar Pichai, who owns 227,560 Class A shares. Both individuals have seen Grow their fortunes thanks to disruptive technology, and Pichai is now approaching billionaire status thanks to his salary package and stock awards.

Alphabet shares are up this year (up 28% year-to-date at the time of this writing) but have rebounded especially when earnings have shared positive news about AI. On April 25, for example, the company announced its first-quarter 2024 results and said it was “on track with our Gemini era” and continuing to establish itself as a leader in AI.

The market liked what it heard and the stock opened 15% higher the day after the announcement compared to the morning before.

The story is the same for Ballmer and Microsoft co-founder Bill Gates. In April, Gates’ wealth grew by $2 billion thanks to an earnings conference call that mentioned AI 50 times, while CEO Satya Nadella unveiled a series of new AI implementations. He said: “We have the most powerful AI infrastructure and it is being used by our partner, OpenAI, as well as Nvidia and leading AI startups like Adept and Inflection to train large models.”

Following the call, Microsoft stock posted its best single-day percentage gain since November 2022. Analysts also noted that the stock hit a milestone in absolute terms: It had never before risen more than $19.77 in a single day. session, until they did it at the end. of April.

Elsewhere, Meta founder Mark Zuckerberg’s wealth has grown thanks to a combination of his “efficiency year” and his adventures in artificial intelligence. In January, Zuckerberg outlined a series of measures to streamline the company and in February he outlined a broader artificial intelligence strategy; since then, his wealth has increased from $63 billion to $181 billion, according to the Bloomberg Billionaires Index.

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