Oracle’s rally briefly made cofounder Larry Ellison the world’s richest person, ahead of Elon Musk
Oracle pulled off one of the biggest rallies in its stock market history, as shares soared 36% on Wednesday after the company laid out a cloud business growth forecast that left analysts “blown away.”
What also went vertical, alongside the stock, was cofounder Larry Ellison’s fortune.
According to the Bloomberg Billionaires Index, Ellison’s net worth jumped by a record $89 billion to $383 billion, the biggest single-day gain ever, briefly overtaking Elon Musk’s fortune and making him, for a moment, the world’s richest person. Musk reclaimed the top spot by the end of Wednesday.
Yesterday’s remarkable gain means that Larry Ellison has now seen his estimated wealth increase by $191 billion year to date. That’s the equivalent of making $752 million a day, more than $522 thousand a minute, or $8,703 per second.
On Tuesday’s earnings call, Oracle projected its cloud revenue would climb 77% this year to $18 billion, then to a whopping $144 billion by fiscal 2030 — more than 14x last year’s haul.
Musk has held the No. 1 spot for much of the year, Bloomberg reports, though Tesla’s shares are down 7.7% year to date amid mounting EV competition and Musk’s political controversies. Just last week, Tesla’s board proposed an unprecedented $1 trillion pay package for Musk.
Go Deeper: Oracle’s insane cloud infrastructure forecast is giving shades of Nvidia’s data center business
On Tuesday’s earnings call, Oracle projected its cloud revenue would climb 77% this year to $18 billion, then to a whopping $144 billion by fiscal 2030 — more than 14x last year’s haul.
Musk has held the No. 1 spot for much of the year, Bloomberg reports, though Tesla’s shares are down 7.7% year to date amid mounting EV competition and Musk’s political controversies. Just last week, Tesla’s board proposed an unprecedented $1 trillion pay package for Musk.
Go Deeper: Oracle’s insane cloud infrastructure forecast is giving shades of Nvidia’s data center business
