Larry Elison’s net worth grows by $19B as Oracle stock surges

March 22, 2024 02:22 AM AEDT | By Invezz

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Larry Elison’s net worth grows by $19B as Oracle stock surges — Image source: Invezz

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Oracle (NYSE: ORCL) stock price continued soaring this week, lifting Larry Elison’s net worth by $19 billion. It has jumped by more than 25% this year and by over 50% in the past 12 months. This jump has brought the company’s market cap to over $355 billion.

Larry Elison has been the biggest beneficiary in the ongoing Oracle stock price increase since he owns almost 30% of the company.

Data by Bloomberg shows that his wealth has grown to over $142 billion, making him the 7th richest person on earth after Jeff Bezos, Bernard Arnault, Elon Musk, Mark Zuckerberg, Bill Gates, and Steve Balmer.

Forbes estimates that he is much wealthier than that as it places his net worth at $162 billion. Using this metric, he is the fifth-richest person in the world.

Larry Elison has benefited from the ongoing growth of Oracle stock, which has jumped by almost 12,000% since going public.

The company has grown because of the strength of the corporate world, where it provides some of the most popular services. It is the biggest provider of databases, which are used by thousands of companies around the world.

Oracle is also one of the biggest providers of cloud software in the world. It also provides other services like Enterprise Resource Planning (ERP) and Customer Relations Management (CRM).

The most recent results showed that the company’s cloud revenue rose by 24% to $.1 billion in the last quarter. Database subscription revenue rose by 5% while its software license revenue jumped to $1.3 billion.

Oracle is also benefiting substantially from the ongoing demand for artificial intelligence (AI) since it is a leading player in the data center industry.

Analysts believe that Larry Elison has room to get richer. Of the 35 analysts who track the company, 26 have a buy rating while 9 have a hold rating. The most recent upgrades came from Keybanc, Argus Research, and HSBC.

The post Larry Elison’s net worth grows by $19B as Oracle stock surges appeared first on Invezz

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