Larry Ellison Surpasses Bill Gates as Fourth-Richest Person, According to Bloomberg

Larry Ellison, the founder of Oracle (ORCL), has climbed to the fourth spot on the Bloomberg Billionaires Index, surpassing Microsoft (MSFT) founder Bill Gates, according to Bloomberg. With a net worth of $129.8 billion, Ellison now holds the title of the world’s fourth-richest person, narrowly edging past Gates, whose net worth stands at $129.1 billion.

Ellison stepped down as Oracle CEO in 2014 but remained with the company as chairman and chief technology officer. The majority of his wealth comes from his stake in Oracle, which has experienced significant growth this year. The company’s stock has risen by over 42% year-to-date, closing at $116.50 on Monday.

Oracle reported record revenue of $50 billion for the 2023 fiscal year, driven by the growth of its infrastructure business and cloud services. The company is also capitalizing on the popularity of artificial intelligence (AI) by investing in AI-focused ventures such as Cohere, a competitor of OpenAI. Cohere recently raised $270 million in a funding round.

Investors have shown optimism towards AI, with Bank of America economists attributing the S&P 500’s move into the bull market to investor enthusiasm around AI. Ellison’s ascent on the billionaire rankings reflects the increasing prominence and financial success of companies involved in AI technologies.