Oracle’s Larry Ellison Temporarily Tops Wealth Chart Following Stock Boom
Oracle co-founder Larry Ellison momentarily outshone Elon Musk to become the world’s wealthiest individual on Wednesday. This came after Oracle’s stock experienced an unprecedented 36% surge in the wake of the company’s quarterly earnings report. Ellison’s fortune skyrocketed by $100 billion following Oracle’s announcement of substantial cloud infrastructure growth projections that left analysts astounded.
The database behemoth registered a first-quarter revenue of $14.93 billion and declared $455 billion in remaining performance obligations – a staggering 359% increase year-over-year. The highlight, however, was Oracle’s forecast that its cloud infrastructure revenue will skyrocket from $18 billion this fiscal year to a whopping $144 billion by 2030. This places Oracle in direct competition with tech giants such as Amazon, Microsoft, and Google.
Despite the earnings miss on both top and bottom lines, Oracle’s AI-driven growth trajectory completely stole the show. The company announced significant deals with OpenAI and Google, with plans to develop 4.5 gigawatts of U.S. data center capacity. Oracle’s market cap now surpasses $922 billion, marking the stock’s most impressive single-day performance since 1992.
Source: Bloomberg