Larry Ellison has for the first time become the second richest person in the world, surpassing Mark Zuckerberg. This happened after a sharp increase in the value of Oracle Corp shares, which increased Ellison's net worth to $251.2 billion. This was reported by Bloomberg, according to UNN.
Details
Oracle Corporation emerged among the key winners as investors poured money into artificial intelligence companies.
Since ChatGPT went public in November 2022, the company's shares have almost tripled, but particularly rapid growth has been observed in the last three months: since the end of April, shares have risen by more than 90% due to a sharp increase in revenue and the conclusion of key partnership agreements
According to the publication, Oracle shares rose 5.7% on Tuesday, July 15, amid news that the US government would allow chipmakers, including Nvidia Corp. and Advanced Micro Devices Inc., to export some semiconductors to China, lifting restrictions imposed during the Biden presidency. This allowed 80-year-old Ellison to overtake Mark Zuckerberg in the Bloomberg wealth index.
In just the last few months, Oracle has signed tens of billions of dollars in cloud computing contracts and announced the development of gigawatt data center capacities to serve enterprise customers, including OpenAI, which earlier this month leased a huge amount of additional capacity as part of the Stargate initiative with SoftBank Group Corp.
According to the Bloomberg wealth index, Elon Musk remains the richest person in the world with a fortune of $357.8 billion.
Recall
The wealth of the world's 3,000 billionaires increased by $6.5 trillion over a decade, which is equivalent to 14.6% of global production. The richest 1% earned $33.9 trillion, which could overcome global poverty 22 times over.