Larry Ellison leapfrogs Elon Musk to become world's richest person

Shawn Knight

Shawn Knight

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What just happened? Oracle co-founder and executive chairman Larry Ellison has overtaken Elon Musk as the world's richest person, at least according to one prominent source. The tech company shared its latest quarterly earnings report at the end of business on Tuesday. Results bested Wall Street expectations, sending share value skyrocketing in after-hours trading.

As of writing, Oracle's stock is up nearly 42 percent in AM trading on the day.

According to the Bloomberg Billionaires Index, the stock jump pushed Ellison's fortune to $393 billion – enough to pass Musk, whose net worth currently sits at $385 billion. Bloomberg said it is the largest single-day increase the Billionaires Index has ever witnessed.

Musk's latest run at the top of the list lasted for just over 300 days. He first reached the summit in 2021 but was eventually passed by Amazon founder Jeff Bezos and Bernard Arnault, who runs luxury goods company LVMH (think Louis Vuitton clothing, Dom Perignon champagne, and TAG Heuer watches).

Ellison, now 81, also serves as Oracle's chief technology officer. Most of his net worth is tied up in Oracle stock. Many investors would agree that it is not wise to put most or all of your eggs into one basket but occasionally, going against popular opinion works and that's where Ellison is right now. As of 2022, he was Oracle's largest stockholder at approximately 42.9 percent of common stock owned. Year to date, the company's share value is up nearly 105 percent.

For comparison, Musk is Tesla's largest single shareholder with an equity stake around 13-14 percent. Although up about 2.2 percent on the day as of writing, Tesla is down around 6.6 percent on the year. Musk's other big bet, SpaceX, is not a publicly traded company.

It's also worth noting that Oracle's market cap sits at $966.35 billion compared to $1.11 trillion for Tesla. Oracle is the fourth largest software company in the world based on market cap, trailing only Microsoft, Apple, and Alphabet.

Image credit: Hartmann Studios, Accidental Nomad

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Larry Ellison leapfrogs Elon Musk to become world's richest person

 
Elon Musk also owns 59% of xAI holdings (owns X and develops Grok) valued at $66B or roughly 17% of his net worth. I'd say that one's also a big bet 😋

Separately, Larry Ellison is the #2 individual investor and current board member of Tesla. He owns about $15.5B of Tesla stock.
 
Oh I guess poor Elon will have to go get himself a real job. Oh wait a minute he can just keep ripping people off blowing up his toy rockets
 
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Plutoisaplanet said:
Larry Ellison asks who are you to call his friend racist and antisemite?
https://twitter.com/x/status/1842125179914207417
Click to expand...

Oh my goodness... A welfare baby gets government subsidies and builds rockets???

If the US government gives me a few trillion I'll give you a Starship Enterprise.

No one wants to buy from a racist antisemite Afrikaner. America coddles racism but Europe doesn't. Enjoy the boycotts Elon. They still teach history over there.
 
Another tidbit not mentioned, is that Larry Ellison, is the owner of the largest aggregate of health records (think myChart) in the country. He literally owns your data, courtesy, in part, from Obamacare for centralizing all your health records.
 
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It's a shame that accounting and tax rules allow people to get this rich when so many folk are finding it hard to get by. I don't object to people being wealthy but this level of wealth is a little obscene. Rather than just reporting who the richest people are, why not put along side that what they've actually done that's good (or bad). Bill Gates has his charities etc, the rest?
 
Megalomaniac said:
No one wants to buy from a racist antisemite Afrikaner. America coddles racism but Europe doesn't. Enjoy the boycotts Elon. They still teach history over there.
Click to expand...

Not defending the man or his reprehensible views one bit, but his father was of English descent and his mother a Canadian-born South African. So, I doubt whether one could call him an Afrikaner. His maternal grandfather, a Canadian who later moved to South Africa, harboured extreme views, such as support of Nazism, apartheid, anti-democracy, anti-government, antisemitism, etc. Musk's father, Errol, suggested that the grandfather was an influence on Elon, though he died when the latter was a toddler. (Posthumous influence perhaps. Who knows?)
 
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Did not know that, so as Elon succeeds Larry get a free ride!

Plutoisaplanet said:
Elon Musk also owns 59% of xAI holdings (owns X and develops Grok) valued at $66B or roughly 17% of his net worth. I'd say that one's also a big bet 😋

Separately, Larry Ellison is the #2 individual investor and current board member of Tesla. He owns about $15.5B of Tesla stock.
Click to expand...
 
Str8Shot said:
Another tidbit not mentioned, is that Larry Ellison, is the owner of the largest aggregate of health records (think myChart) in the country. He literally owns your data, courtesy, in part, from Obamacare for centralizing all your health records.
Click to expand...

Indeed. If it were for people like you, we would be still using stone tablets or papyrus and the pony express to send medical records from one medical facility to another.... instead of a computerized system....great idea!!

You should patent it. But use a pen and piece of animal hide.
 
Str8Shot said:
Another tidbit not mentioned, is that Larry Ellison, is the owner of the largest aggregate of health records (think myChart) in the country. He literally owns your data, courtesy, in part, from Obamacare for centralizing all your health records.
Click to expand...

you cell phone is worse but you still use it... /End
 
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mbk34 said:
It's a shame that accounting and tax rules allow people to get this rich when so many folk are finding it hard to get by. I don't object to people being wealthy but this level of wealth is a little obscene. Rather than just reporting who the richest people are, why not put along side that what they've actually done that's good (or bad). Bill Gates has his charities etc, the rest?
Click to expand...
I think you are very charitable, Billionaires should be taxed to extinction, they don't have to do anything and can syphon 300mil a year.
 
"Do not fall into the trap of anthropomorphizing Larry Ellison. You need to think of Larry Ellison the way you think of a lawnmower. You don’t anthropomorphize your lawnmower, the lawnmower just mows the lawn - you stick your hand in there and it’ll chop it off, the end. You don’t think "oh, the lawnmower hates me" – lawnmower doesn’t give a **** about you, lawnmower can’t hate you. Don’t anthropomorphize the lawnmower."
- Brian Cantrill
 
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