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Larry Ellison enriched himself by $15 billion after Oracle shares soared 12% to a record high

Larry Ellison enriched himself by $15 billion after Oracle shares soared 12% to a record high
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Currently, Allison is among the top five richest people in the world in Forbes rating with a fortune of $157.3 billion.

As CNBC reports, Oracle founder Larry Ellison made $15 billion in profit on Tuesday after his software company's shares soared 12% and closed at a record high of $127.54 apiece, the highest in the past 2 years. The company just reported financial results for the third quarter that exceeded analysts' expectations - revenue from cloud services and license support grew by 12%.

Allison, who founded Oracle in 1977, remains the largest shareholder of the company with a stake estimated at around $146 billion. He currently occupies the fifth place in the Forbes billionaires ranking, following Bernard Arnault, Elon Musk, Jeff Bezos, and Mark Zuckerberg.

Despite Oracle being late with cloud infrastructure and lagging behind during the AI boom, the company is now planning for expansion, considering the high interest in the technology.

"We are building a data processing center with AI in the USA, where eight Boeing 747s will fit," said Ellison, who still serves as Oracle's chief technology officer, during the earnings report.

Last year, Oracle's shares jumped by 52%, increasing Allison's fortune by approximately $50 billion. Unlike Bezos, Larry holds onto his shares - according to FactSet, he has not sold any since 2016, and his last transaction was buying 7,000 shares in 2022.

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