Larry Ellison, the former CEO of Oracle, has surpassed Jeff Bezos, the founder of Amazon, to become the second-richest person in the world.
According to Forbes' real-time billionaires list, Larry Ellison's net worth dropped to $197 billion from $208.4 billion shortly after the market opened. Therefore, Bezos claimed the title of the world's second richest person with a net worth of $204.8 billion.
However, this changed quickly with Ellison overtaking Bezos on Monday when Oracle shares gained 5%. Based on the Forbes Real-Time Billionaires List, Ellison's net worth was $206 billion, compared to Bezos' $204.8 billion.
But looking at today's data, Jeff Bezos has become the second richest person in the world with a real-time net worth of $204.8 billion, whereas Larry Ellison becomes the third richest person with a real-time net worth of $203.5 billion.
Who is Larry Ellison?
Lawrence Joseph "Larry" Ellison was born on August 17, 1944, in New York City to an unwed teenage mother. After suffering from pneumonia at nine months old, he was adopted by his aunt and uncle, who raised him in Chicago's South Side.
His upbringing was challenging; his adoptive father struggled financially, and Larry often clashed with him due to his independent nature.
Education
Ellison attended South Shore High School, where he excelled in math and science. He then enrolled at the University of Illinois at Urbana-Champaign as a premed student but dropped out after his adoptive mother's death during his sophomore year. He briefly attended the University of Chicago before leaving again after one semester.
Career Beginnings
In 1966, at age 22, Ellison moved to California, where he began working as a programmer. He gained experience at various tech companies, including Amdahl Corporation.
Co-founding Oracle
In 1977, he co-founded Software Development Laboratories with two partners, inspired by research on relational databases by Edgar F. Codd. The company later became Oracle Corporation, which grew to dominate the database software market under Ellison's leadership.
Current Status
Today, he is recognised as one of the wealthiest individuals globally, with a net worth exceeding $146 billion.
Larry Ellison vs. Jeff Bezos: The Battle for Second Place
Larry Ellison, the co-founder and chairman of Oracle, has recently dethroned Jeff Bezos, the founder of Amazon, as the world's second-richest person. This shift in wealth positions has been driven by Oracle's strong performance in the artificial intelligence (AI) market and the company's impressive stock surge.
As of September 2024, Ellison's net worth has reached an astounding $206 billion, according to Forbes' real-time billionaire rankings. This surge in wealth has been fuelled by Oracle's 23% stock increase in September, positioning the company for its most profitable month since October 2022.
The company's involvement in the AI sector, particularly its efforts to build data centres to accommodate the growing demand for generative AI technologies, has been a significant contributor to its success.
During Oracle's recent earnings call, Ellison discussed the company's plans to construct data centres ranging from small, portable, and affordable facilities to 200-megawatt data centres, which are ideal for training large language models and keeping them up to date. This strategic focus on AI has resonated with investors, driving up Oracle's stock price and, consequently, Ellison's net worth.
Jeff Bezos, who had intermittently held the second-richest person title since 2016, now has a net worth of $204.8 billion, according to Forbes. Despite this setback, Bezos remains a formidable figure in the tech industry, with Amazon continuing to dominate the e-commerce market and expand into new areas such as cloud computing and artificial intelligence.
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