&imwidth=800&imheight=600&format=webp&quality=medium "Who is Larry Ellison, business magnate who threatens Musk's 'world-richest' crown?")
Larry Ellison, Oracle's co-founder, is threatening Tesla founder Elon Musk's crown as the world's richest person. Ellison has made more money than anyone else this year, with Oracle's stock surging today in the US.
On Tuesday, Larry Ellison's net worth was $295 billion, second only to Elon Musk, whose net worth, according to the Bloomberg Billionaires Index, was $384 billion.
Larry Ellison, 81, has gained $103 billion this year, the highest by any billionaire. This value is more than Starbucks' entire market value of $95 billion.
Fuelledby AI spending, Oracle's stock has gained 45 per cent this year. Over the past three years, Ellison's net worth has tripled -- from $80 billion in October 2022. The shares of the software giant have also increased from $70 to over $240.
According to Business Insider, Ellison's stake in Oracle could be around $370 billion. It said that Bloomberg has a significantly lower estimate of Ellison's wealth because he's pledged about a quarter of his Oracle shares as collateral for personal loans.
Who is Larry Ellison?
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Larry Ellison is the chairman, chief technology officer, and cofounder of Oracle. He owns roughly 40 per cent of the company. He relinquished the post of CEO in 2014 after helming the company for nearly four decades.
He lives on the Hawaiian island of Lanai. He reportedly bought the land for $300 million. He also owns around 50 per cent of the media company, Paramount Skydance.
Larry Ellison also held Tesla's 1.5 per cent shares and was on the board of the Musk-led company. However, he resigned. The status of his shareholding isn't clear as of now.