Larry Ellison Briefly Tops Wealth Rankings as Oracle Stock Skyrockets 30%
Co-founder of Oracle Corporation, Larry Ellison, briefly outstripped Elon Musk to become the world’s richest person. This dramatic shift in fortune was triggered by Oracle’s impressive quarterly results, which saw Ellison’s wealth increase by $89 billion following a 30% surge in Oracle shares on Wednesday.
The leap in the database giant’s stock came on the heels of its fiscal 2026 Q1 earnings report. The report disclosed a Total Remaining Performance Obligations of $455 billion, marking a staggering 359% year-on-year growth.
Despite falling short of Wall Street’s earnings and revenue estimates, investors were drawn to Oracle’s ambitious projections for its cloud infrastructure. The company is predicting a cloud revenue of $144 billion by fiscal 2030, a significant rise from the $10.3 billion reported in fiscal 2025.
Oracle’s CEO, Safra Catz, revealed that the company had signed “four multi-billion-dollar contracts with three different customers” during the quarter. These included major agreements with OpenAI and Google.
The company’s massive growth trajectory sets it up to compete with dominant cloud providers such as AWS and Microsoft Azure in the rapidly growing AI infrastructure market.
Source: CNBC