Bill Gates drops to sixth in billionaire rankings amid AI stock surge

Bill Gates has dropped to sixth place in the billionaire rankings due to a significant surge in Oracle Corporation's stock, which has benefited its co-founder Larry Ellison. As of now, Ellison's net worth stands at $168 billion, having gained $45.1 billion in 2024 alone, largely attributed to Oracle's strong quarterly earnings report and a 10% increase in its stock price. In contrast, Gates' wealth has increased by $17.2 billion this year, bringing his total to $158 billion. This shift in rankings highlights the volatility and rapid changes in the wealth of the world's richest individuals, particularly in the tech sector. The rise of AI technology has played a crucial role in the stock performance of companies like Oracle, which is positioning itself as a leader in this growing market. Ellison's substantial ownership stake in Oracle, approximately 40%, has significantly contributed to his wealth increase. Meanwhile, Microsoft, the company Gates co-founded, has also seen a 14% rise in its stock value this year, but it has not been enough to keep Gates from falling behind Ellison. The competition among billionaires is fierce, with other notable figures like Mark Zuckerberg and Jensen Huang also experiencing substantial gains in their wealth. Zuckerberg, currently ranked fourth, has seen an increase of $51.4 billion, while Huang has gained $51.0 billion, showcasing the rapid changes in the billionaire landscape. As the AI sector continues to expand, the fortunes of these billionaires may fluctuate further, with Ellison potentially targeting Zuckerberg's position next. The ongoing developments in technology and investments in AI will likely influence the rankings of the world's wealthiest individuals in the near future.