With Oracle’s stock price soaring due to expectations of significant benefits from its artificial intelligence investments, the company’s co-founder Larry Ellison is believed to potentially become the world’s richest person. The current richest person, Elon Musk, owner of companies like Tesla and SpaceX, might lose this position due to an extraordinary rise in Oracle’s share price, as the nearly half-century-old company is expected to see substantial profits. With this change, 81-year-old Ellison’s wealth has increased by an additional $100 billion. This benefit has raised Ellison’s total wealth to $406 billion. According to Forbes’ Real-Time Billionaires Index, M, Musk’s wealth is about $440 billion.
Bloomberg’s Wealth Index shows Ellison’s wealth slightly higher than Musk’s. The difference in these figures comes from how they value their major assets. Musk’s public support for right-wing politicians has led to public dissatisfaction, which has negatively impacted Tesla’s business this year. Tesla has proposed to give Musk $1 trillion in compensation by 2035 if the company achieves its goals. Shareholders will vote on this plan in November.
Ellison, who supports former U.S. President Donald Trump, owns more than 1.1 billion shares in Oracle, which accounts for over 40% of the company’s equity, according to S&P Capital IQ. Oracle estimates that its cloud business revenue will increase by 77% this year, reaching $18 billion. It is projected to grow to $32 billion the following year, then $73 billion, followed by $114 billion, and $144 billion in the subsequent years.
