ALBAWABA – Net worth of billionaire Larry Ellison, an American businessman and entrepreneur who cofounded software company Oracle Corporation, increased significantly after Oracle, the American multinational computer technology company, experienced a major surge in its stock value.
Ellison fortune
Ellison's net wealth increased by nearly $19 billion on Tuesday, rising from $173.3 billion to $192 billion after the major boost in Oracle's stock value. Owning about 40% of Oracle’s shares, this surge placed Ellison as the third-richest person in the world, according to the Forbes Real Time Billionaires List.
Ellison is now ahead of Facebook founder Mark Zuckerberg, whose net worth is approximately $174 billion, and Bernard Arnault, CEO of LVMH, whose fortune is worth $172 billion.
Ellison's net wealth increased by nearly $19 billion on Tuesday, rising $173.3 billion to $192 billion after the major boost in Oracle's stock value. (Shutterstock)
It is worth noting that, at 80 years old, Ellison is ranked third in the world’s wealth rankings, behind Elon Musk, CEO of Tesla, who ranks first with a net worth of $248 billion, and Jeff Bezos, founder of Amazon, who ranks second with a net worth of $196 billion.
Oracle stocks surge
On Tuesday, Oracle recorded a significant boost in its stock shares by 14.7% reaching $160.50 per share. The company’s market value increased from $386 billion to nearly $435 billion, surpassing Costco, Johnson & Johnson, and Procter & Gamble. Oracle is now ranked as the 17th-largest public company in the United States, according to FactSet data.
Mark Moerdler, VP and Senior Research Analyst at Bernstein, a private wealth management corporation said: "We reiterate our thesis that not only is Oracle a defensive name to own amid uncertainty, but it also has robust growth drivers which will accelerate the revenue in the upcoming years.”
On the other hand, Oracle announced a major partnership with Amazon Web Services (AWS) early this week, following previous partnerships with Google and Microsoft.
