"Larry Ellison has made more money than anyone else this year - and he's only getting richer as Oracle's stock surges. The enterprise-software giant's cofounder was the world's second-wealthiest person with a $295 billion fortune at Tuesday's close, behind only Tesla CEO Elon Musk and his $384 billion net worth, per the Bloomberg Billionaires Index. Ellison, 81, is the rich list's biggest gainer this year, having gained $103 billion since January."
""We expect Oracle Cloud Infrastructure revenue to grow 77% to $18 billion this fiscal year - and then increase to $32 billion, $73 billion, $114 billion, and $144 billion over the subsequent four years," Oracle CEO Safra Catz said in the company's earnings first-quarter report. Oracle's total revenue was about $57 billion last financial year. The 32% stock jump boosted the value of Ellison's 41% stake in Oracle by about $90 billion."
"Oracle shares surged in after-hours trading on Tuesday, as investors cheered a phenomenal revenue growth forecast, underpinned by AI demand, in an earnings report after the bell in New York, where the company has its primary listing. Before US markets opened on Wednesday, the shares were trading 32% higher in Frankfurt, where Oracle also has a secondary listing. The same shares trade there but typically at lower volumes."
Larry Ellison's net worth climbed to about $295 billion as Oracle's shares surged on strong AI-driven demand and a robust cloud revenue forecast. Oracle stock has risen roughly 45% year-to-date and jumped 32% in Frankfurt after an earnings report projecting rapid Oracle Cloud Infrastructure growth. Oracle forecast OCI revenue to grow 77% to $18 billion this fiscal year and then to $32 billion, $73 billion, $114 billion, and $144 billion over the following four years. The one-day surge added about $90 billion to the value of Ellison's 41% stake. Ellison's fortune has more than tripled since October 2022.
Read at Business Insider
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