Larry Ellison’s net worth increases by $18 billion, Oracle shares post biggest gain since 2021 | Wilnesh News

Oracle The software maker founded by Chairman Larry Ellison in 1977 expects double-digit revenue growth this fiscal year, sending shares up for their biggest gain since 2021. Hence an increase of $18 billion.

Ellison owns about 1.15 billion Oracle shares, equivalent to about 42% of the company’s outstanding shares. With Wednesday’s increase, his net worth now stands at nearly $171 billion, according to the data. Forbesmaking him the fifth richest man in the world, closely followed by Yuan CEO Mark Zuckerberg.

Although Ellison has been out of the CEO role for a decade (he became chief technology officer in 2014), he remains a leading figure at the company and still participates in quarterly earnings calls. In a conference call Tuesday, following the company’s fiscal fourth-quarter earnings earnings reportEllison touted the data centers Oracle is building to meet the growing demand for generating artificial intelligence.

“We’re actually building the smallest, most portable, most affordable cloud data centers, all the way up to 200-megawatt data centers, perfect for training very large language models and keeping them up to date,” Allison said.

Oracle shares soared 13% to a record $139.82 as of Wednesday afternoon, on track for their best one-day gain since December 10, 2021. Analysts at Silver Group raised their 12-month price targets for the stock.

Although quarterly profit and revenue fell short of Wall Street expectations, Oracle said it would achieve double-digit revenue growth in the new fiscal year, compared with 6% growth in the year ended May 31.exist Google’s OpenAI will be able to use the public cloud Microsoft’s Cloud-based AI tools on top of Oracle Cloud Infrastructure.

Ellison’s stake in Oracle will increase. Later this year and next, stock options he granted in 2014 and 2017 when the stock price fell sharply will expire.

Ellison was known for his extravagant spending. As of 2022, he owns properties in California, Florida, and Lanai, Hawaii, wall street journal the report said. he has donated to political movement For decades, funding sailing leagueand is owner Tennis Garden, Indian Wells, California.

Ellison is a close friend of Elon Musk who joined and then left the board. Tesla. He reportedly plans to fund Skydance Media’s planned merger with Paramount Worldwide. His son, David Ellison, is the founder and CEO of Skydance Media.

watch: CFRA: RPO growth a highlight of Oracle’s fourth-quarter results