Oracle's Stock Surge Makes Larry Ellison World's Second-Richest; Company's Outlook Promising
TapTechNews September 14th news, as the stock price of Oracle continues to climb, the wealth of the company's founder and chairman, Larry Ellison, is also rising.
On Friday, Oracle's stock price opened with a significant 7.8% increase, reaching a new all-time high, with a total market capitalization of 480 billion US dollars (TapTechNews note: currently about 3.41 trillion yuan), and closed at 162.03 US dollars with a slight increase.
This made Ellison's net worth briefly surpass that of Amazon founder Jeff Bezos on that day, becoming the world's second-richest person. According to the Forbes Real-Time Billionaires List, shortly after the US stock market opened that day, Ellison's net worth once reached 208.4 billion US dollars (currently about 1.48 trillion yuan), and then decreased to 197 billion US dollars, while Bezos' net worth was 204 billion US dollars. Tesla CEO Elon Musk ranked first with 252 billion US dollars (currently about 1.79 trillion yuan) of assets.
Due to the optimistic outlook for cloud revenue, Oracle raised its revenue forecast for fiscal year 2026 last Thursday and released an optimistic forecast for fiscal year 2029. The company expects revenue of at least 66 billion US dollars in fiscal year 2026, higher than the 64.5 billion US dollars generally expected by analysts. Looking forward to fiscal year 2029, the company's revenue will exceed 104 billion US dollars, breaking the 100-billion-dollar mark.
On Monday this week, Oracle announced quarterly results that exceeded expectations, with both quarterly profits and bookings exceeding market expectations, showing that the demand for artificial intelligence continues to drive the development of the cloud computing business.
The stock price of Oracle has achieved the best single-week performance since 2021 in the past week. Since the beginning of this year, Oracle's stock price has cumulatively increased by 55%, second only to the 147% increase of AI chip leader NVIDIA among large technology stocks.
In 1977, Ellison co-founded Oracle with others. Ellison owns about 40% of Oracle's outstanding shares and is the company's largest shareholder.
The explosive rise in Oracle's stock price in recent years is mainly attributed to its continuously improving position in the cloud infrastructure field and the increasingly widespread adoption of its cloud database.