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Oracle co-founder and Chief Technology Officer Larry Ellison’s net worth surged on Wall Street’s positive reaction to the software giant’s fourth-quarter earnings results.
Forbes, which tracks the wealth of billionaires, reported a more than $15 billion increase in Ellison’s fortune on Wednesday, the day after Oracle CEO Safra Catz said she expects “continued strong AI demand to push Oracle sales and RPO even higher — and result in double-digit revenue growth” in fiscal 2025.
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Ellison’s net worth climbed as Oracle shares surged, and he became the world’s fifth-richest person with an estimated $171.1 billion fortune as of Thursday morning, according to Forbes.
Oracle Chief Technology Officer Larry Ellison delivers a keynote address during the 2019 Oracle OpenWorld in San Francisco on Sept. 16, 2019. (Justin Sullivan/Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 138.13 | -1.72 | -1.23% |
Oracle shares hit a record $140 this week and remained around that level during Thursday trading.
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Safra said Tuesday that Oracle had “signed the largest sales contracts in our history” in the third and fourth quarters thanks to AI. In the last quarter of its fiscal 2024, it reached a deal with OpenAI and expanded its “multicloud cooperation” with Microsoft, among other contracts.
Oracle headquarters in Redwood Shores, California, on June 13, 2022. (Justin Sullivan/Getty Images / Getty Images)
The software giant notched fourth-quarter revenues of $14.29 billion, marking a year-over-year increase of 3%. Meanwhile, net income narrowed by 5% to $3.14 billion.
It will pay a 40 cent per share dividend in late July to eligible shareholders, Oracle said.
Signage is displayed on a building at the Oracle Corp. headquarters campus in Redwood City, California, on March 14, 2016. (Michael Short/Bloomberg via Getty Images / Getty Images)
In April, Ellison revealed the software giant has set its sights on making Nashville the future home of its world headquarters. It has been in Austin, Texas, since 2020.
