Larry Ellison’s net worth surged after Wall Street’s positive reaction to the software giant’s fourth-quarter earnings results. Forbes ranks him as the world's fifth-richest person.
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.
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. 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.
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