Larry Ellison's 42% stake in Oracle has made him one of the richest people in the world, and his value continues going up as stock shares hit a record.
Larry Ellison's 42% Oracle stake increased in value by $18 billion on Wednesday after the software company called for faster revenue growth.On a conference call with analysts, Ellison said Oracle is setting up data centers to capitalize on increased demand for generative artificial intelligence.Larry Ellison, chairman and co-founder of Oracle Corp ., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017.
Ellison owns about 1.15 billion Oracle shares, equal to around 42% of the company's outstanding stock. With Wednesday's increase, he now has a net worth of around $170 billion, according toWhile Ellison has been out of the CEO role for a decade — he took up the title of chief technology officer in 2014 — he remains the leading figure at the company and still participates in quarterly earnings calls.
Though quarterly profit and revenue fell short of Wall Street estimates, Oracle said it expects double-digit revenue growth in the new fiscal year, compared with an increase of 6% in the year that ended on May 31. Oracle said its database will become available onEllison's Oracle stake stands to increase. Later this year and next year, stock options granted to him in 2014 and 2017, when the stock price was considerably lower, will expire.
Ellison is known for lavish spending. He owned properties in California, Florida and the Hawaiian island of Lanai as of 2022, The
Tesla Inc Alphabet Inc Oracle Corp Business Technology Breaking News: Technology Enterprise Meta Platforms Inc Mark Zuckerberg Microsoft Corp Elon Musk Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Larry Ellison is $18 billion richer after Oracle shares rally the most since 2021Larry Ellison’s 42% ownership of Oracle has made him one of the richest people in the world and continues to rise in value, with the stock hitting a…
Read more »
Larry Ellison is $18 billion richer after Oracle shares rally the most since 2021Larry Ellison's 42% ownership of Oracle has made him one of the richest people in the world and continues to rise in value, with the stock hitting a record.
Read more »
I Swear by This Smoothing $19 Body Lotion From a Megan Fox-Used BrandMegan Fox uses body lotion from Hempz, and the shopper-loved original formula is $19 at Amazon. The lightweight, hydrating formula smooths and softens skin by virtue of vitamin-rich hemp seed oil.
Read more »
These “Incredibly Comfortable” $19 Sandals Offer “Excellent Support,” Per FansShoppers swear by the Amazon Essentials Two-Band Sandals for an elevated look and comfortable, supported fit. Grab the blister-proof pair for $19 this summer.
Read more »
The Best lululemon Memorial Day Finds Include Tennis Skirts, Sneakers and More Summer EssentialsLululemon has so many summer staples for as low as $19 ahead of Memorial Day weekend.
Read more »
JFK Airport’s AirTrain could be free this summer amid $19 billion construction projectJFK Airport’s AirTrain could be free this summer amid $19 billion construction project
Read more »