Larry Ellison, the Chairman of Oracle, has seen a substantial increase in his net worth, totaling nearly $19 billion. This surge in wealth comes after Oracle announced double-digit revenue growth for the fiscal year, resulting in the stock experiencing its largest rally since 2021. Ellison, who founded Oracle in 1977, holds approximately 1.15 billion shares of the company, representing roughly 42% of the outstanding stock. Despite stepping down from the CEO position ten years ago and assuming the role of chief technology officer in 2014, Ellison remains a prominent figure at Oracle, actively participating in quarterly earnings calls.
During a recent earnings call following Oracle’s fourth-quarter financial report, Ellison highlighted the company’s innovative approach to meeting the growing demand for generative artificial intelligence. He emphasized Oracle’s construction of data centers capable of accommodating various needs, from the smallest, most portable cloud data centers to 200-megawatt facilities designed for training large language models. This commitment to technological advancement has resonated with investors, leading to a 13% surge in Oracle’s stock price to a record high of $140.38.
Market Outlook
Despite falling short of Wall Street’s expectations in terms of quarterly profit and revenue, Oracle expressed confidence in achieving double-digit revenue growth in the upcoming fiscal year. This optimistic outlook prompted analysts from Bank of America, Barclays, Bernstein, JPMorgan, and UBS to raise their 12-month price targets for the stock. Additionally, Oracle announced plans to make its database accessible on Google’s public cloud and enable OpenAI to leverage Microsoft’s cloud-based AI tools on Oracle’s infrastructure. These strategic moves are expected to further bolster Oracle’s position in the market.
Beyond his business acumen, Larry Ellison is known for his lavish lifestyle and philanthropic endeavors. As reported by The Wall Street Journal, Ellison owns properties in California, Florida, and the Hawaiian island of Lanai. He has a long history of contributing to political campaigns, supporting various causes, such as funding a sailing league and owning the Indian Wells Tennis Garden in California. Ellison’s close relationship with Elon Musk led him to briefly join and later depart from the board of Tesla. Moreover, reports indicate that Ellison was considering financial support for Skydance Media’s potential merger with Paramount Global, showcasing his diverse interests and engagement in the business world.
Larry Ellison’s leadership at Oracle has contributed to the company’s growth and success, reflected in the recent surge in stock value and promising revenue projections. His visionary approach to technology, combined with his philanthropic initiatives and business ventures, underscores Ellison’s multifaceted impact on the industry and society as a whole. As Oracle continues to navigate the evolving landscape of cloud computing and artificial intelligence, Ellison’s influence remains a driving force behind the company’s achievements and future prospects.