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Oracle's Record Surge Propels Larry Ellison $15 Billion Richer

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Ticker Tea
March 13, 2024

đź“ť SUMMARY: Oracle Corporation ($ORCL), under the visionary leadership of founder Larry Ellison, experienced a historic day on the stock market, with shares climbing 12% to close at a record $127.54. This remarkable surge, the company's best performance since 2021, was fueled by Oracle's fiscal third-quarter earnings, which surpassed analysts' expectations, particularly highlighting a 12% revenue increase in its cloud services and license support segment. Ellison, who remains the company's largest shareholder with a stake now valued at approximately $146 billion, has ascended to the fifth position on the global wealth leaderboard, according to Forbes ($502865), edging past notable figures such as Meta's ($META) Mark Zuckerberg and Warren Buffett.

Oracle's late entry into the cloud infrastructure arena and its peripheral involvement in the recent AI boom have not deterred its momentum. Instead, the increased demand for the company's AI technology has been a crucial factor in its market expansion. Ellison, serving as Oracle’s chief technology officer, emphasized the company's ambitious infrastructure projects, including the construction of an AI data center in the United States capable of accommodating eight Boeing 747s nose-to-tail, underscoring Oracle's significant investment in becoming a leader in AI data center capabilities.

Over the last year, Oracle's stock has surged 52%, augmenting Ellison's net worth by about $50 billion, a performance that notably outstrips the S&P 500's 34% gain over the same period. Unlike Amazon's ($AMZN) Jeff Bezos, who has been selling off portions of his stock, Ellison has maintained his stake in Oracle, with his last recorded transaction being a purchase in 2022, underscoring his confidence in the company's trajectory and long-term value.

Oracle's recent achievements reflect not only Ellison's enduring vision but also the company's adaptability and resilience in navigating the competitive and fast-evolving tech landscape, positioning it at the forefront of the cloud and AI technological revolution.

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