Larry Ellison founded Oracle in 1977 and remains board chair at 80. Oracle reported mediocre earnings while projecting cloud revenue, driven by AI, to reach $144 billion by fiscal 2030 despite limited supporting detail. The projection triggered a 28% stock surge to an all-time high, lifting Ellison's net worth by $70 billion to $364 billion, close to Elon Musk's $384 billion. Oracle's revenue grew from $38 billion ten years ago to $53 billion in 2024, and the company is considered a leading AI firm. Ellison owns 40% of Oracle and has invested in luxury assets, including a 454-foot yacht and most of Lanai. A further Oracle gain or Tesla setback could make Ellison the richest person.
"Larry Ellison is the founder of Oracle Corp. ( NYSE: ORCL), where he still serves as board chair at 80. His company announced mediocre earnings, but he said cloud revenue, driven by AI, would reach $144 billion by its 2030 fiscal year. Although he could not provide much support for the comment, Oracle's stock surged 28% to an all-time high. It took Ellison's net worth up $70 billion to $364 billion, just shy of Elon Musk's $384 billion."
"Ellison started Oracle in 1977. It is primarily a cloud computing and database company. He never graduated from college, and he is now 80 years old. Oracle's growth has exploded. Ten years ago, its revenue was $38 billion. In 2024, it was $53 billion. It is also viewed as one of the top AI companies in the world. Just discussing an artificial intelligence future for a tech company has helped lift stock prices."
Read at 24/7 Wall St.
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