Thought Leadership
Following a jump in the share price of software company Oracle, 81-year-old founder Larry Ellison has moved closer to Elon Musk in the list of the world’s richest people.
According to Bloomberg, Ellison’s fortune grew by 70 billion dollars as a result of the boost in after-hours trading. According to the Bloomberg ranking, Ellison now has an estimated fortune of 364 billion dollars and Musk 384 billion dollars.
Oracle shares rose by almost 30 percent in after-hours trading on Tuesday. At the start of pre-market trading on Wednesday, it was still up around 28 percent.
Oracle grows rapidly in the cloud business
The tech group had delighted investors with its forecast for the development of its cloud business. In the past quarter, revenues from cloud infrastructure grew by 55 percent year-on-year to 3.3 billion dollars. However, Oracle predicted an increase of 77 percent to 18 billion dollars for the current financial year. And for the financial year ending May 2030, the Group is targeting cloud revenues of 144 billion dollars.
Tesla boss Musk was recently considered by far the richest person in the world, mainly thanks to his stake in the electric car manufacturer. Ellison’s fortune consists mainly of Oracle shares. The billionaire rankings are based on estimates.
Oracle sees big business in data centers for artificial intelligence applications. The company wants to supply the ChatGPT developer OpenAI with computing power from the cloud on a large scale in the future. Current customers already include Tiktok and the chip company Nvidia.
dpa
