① As Oracle's stock price continues to rise, the company's founder and chairman Larry Ellison's net worth also soared; ② Ellison's net worth briefly surpassed Amazon founder Jeff Bezos on Friday to become the second-richest person in the world.
Financial Services Association, September 14 (Editor Bian Chun) As the stock price of cloud computing and database software manufacturer Oracle (Oracle) continues to rise, the net worth of the company's founder and chairman Larry Ellison also soared.
On Friday, Oracle's stock price surged 7.8% to a record high. The total market capitalization reached 480 billion US dollars. The closing price rose slightly to 162.03 US dollars.
That made Ellison's net worth briefly surpass Amazon founder Jeff Bezos on Friday to become the second-richest person in the world.
According to the “Forbes” real-time billionaire ranking, shortly after the opening of the US stock market on the same day, Ellison's net worth once reached 208.4 billion US dollars, then fell to 197 billion US dollars. Bezos's net worth is $204 billion. Tesla CEO Elon Musk ranked first with assets of 252 billion dollars.
Due to the positive outlook for cloud revenue, Oracle raised its revenue forecast for fiscal year 2026 and released an optimistic forecast for fiscal year 2029 on Thursday. The company expects revenue of at least $66 billion for the 2026 fiscal year, which is higher than analysts' general expectations of $64.5 billion. Looking ahead to the 2029 fiscal year, the company's revenue will exceed 104 billion US dollars, breaking the 100 billion mark.
On Monday, Oracle announced quarterly results that exceeded expectations. Both quarterly profits and bookings exceeded market expectations, indicating that demand for artificial intelligence continues to drive the cloud computing business.
Oracle shares surged 11% on Tuesday. This past week, the stock recorded its best weekly performance since 2021. Since this year, Oracle's stock price has continued to reach new highs, with a cumulative increase of 55%. Among large technology stocks, the increase is second only to AI chip leader Nvidia — the stock price has risen 147% cumulatively.
In 1977, Ellison co-founded Oracle, and he was one of the biggest winners of the AI boom. Ellison owns approximately 40% of Oracle's tradable shares and is the company's largest shareholder.
The company's stock price has exploded in recent years due to its rising position in cloud infrastructure and increasing adoption of its cloud databases.
Bezos, 60, and Ellison, 80, are vying for the title of the world's second-richest man three days after their company formed a new partnership. On Monday, Oracle announced that AWS customers will be able to use its database software on Oracle hardware within Amazon's data centers.
Over the past year, Oracle has also formed similar partnerships with two other leading cloud infrastructure companies, Microsoft and Google.
Ellison told analysts during this week's earnings call that Oracle is currently leading the way in cloud computing and traditional data centers.