Oracle founder and former CEO Larry Ellison watches a training session from a motorboat ahead of the America’s Cup World Series sailing race on the Great Sound in Hamilton, Bermuda, on October 16, 2015.
Fresh Mike | Reuters
Oracle Founder Larry Ellison’s stock price rose $15 billion on Tuesday after his software company posted its best one-day gain in more than two years and closed at a record high.
Ellison founded Oracle in 1977 and remains the company’s largest shareholder with a stake worth about $146 billion after the latest share price rally.According to statistics, he is the fifth richest man in the world Forbesright behind Yuan CEO Mark Zuckerberg, ahead of Warren Buffett.
Shares of software provider Oracle surged 12% to close at $127.54 after the company reported third-quarter profit that exceeded analysts’ expectations. Revenue from the company’s cloud services and licensing support division grew 12%, exceeding expectations.
While Oracle was a late starter in cloud infrastructure and has been on the fringes of the latest AI craze, rising demand for the company’s AI technology has allowed Allison to tout his company’s expansion in the industry’s hottest market .
“We are building an artificial intelligence data center in the United States where you can park eight boeing company Ellison, who still serves as Oracle’s chief technology officer, said on the earnings call: “747 aircraft are in this data center end-to-end. We are building a lot of data centers, some of which are smaller, but some of which are The world’s largest artificial intelligence data center.”
Oracle’s stock price has soared 52% over the past year, adding about $50 billion to Ellison’s net worth. The stock has outperformed the S&P 500, which has gained 34% in the past 12 months.
unlike Amazon’s Jeff Bezos, Larry Ellison has been holding on to all of his stocks instead of selling off in large quantities. According to FactSet, Ellison’s last purchase of Oracle stock was 7,000 shares in 2022, and he has not sold any shares since 2016.
Bezos has sold more than 50,000 shares of Amazon stock this year. Most recently, in mid-February, he sold more than 14 million shares of the company, worth about $2.4 billion.
watch: Oracle shares rise on third-quarter earnings
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