Oracle founder and CEO Larry Ellison briefly surpassed Amazon founder Jeff Bezos on Monday, September 16, to become the world’s second-richest individual. However, Bezos has since regained his position at number two on Forbes’ real-time billionaires list, a spot he has intermittently held since 2016. Tesla CEO Elon Musk remains firmly at the top with a net worth of $251 billion.
Ellison’s wealth surge is attributed to a significant rise in Oracle’s stock, which closed up by 5.1% on Monday, September 16. This month, Oracle shares have rallied by 20%, marking their best performance since October 2022, when the stock saw a 28% jump.
The stock surge boosted Ellison’s net worth by $8.1 billion, bringing it to approximately $206 billion, according to Forbes. The company’s latest earnings report, which exceeded expectations, along with higher revenue projections for 2026, contributed to this rise in Oracle’s stock value.
During the earnings call, Larry Ellison revealed Oracle’s intentions to develop new data centers in response to the rising demand for computing power fueled by the generative AI boom. Additionally, Oracle is considering a partnership with Amazon to provide its database services on dedicated hardware, similar to its existing collaborations with Microsoft and Google.
“We are creating everything from compact, highly portable, and affordable cloud data centers to large-scale 200-megawatt facilities, which are ideal for training vast language models and keeping them current,” Ellison said.
Ellison also voiced concerns about AI’s potential role in facilitating mass surveillance by law enforcement. He remarked, “We’re heading toward a future where every police officer will be under constant supervision, and AI will report any issues to the appropriate authorities. Citizens, too, will be more mindful of their behavior, as everything will be continuously recorded and monitored,” Ellison explained.