Larry Ellison surpasses Mark Zuckerberg as second-richest person

In the U.S., Larry Ellison, co-founder and chief technology officer of Oracle, has overtaken Mark Zuckerberg, the CEO of Meta, as the second-richest person globally. As of now, Ellison's net worth stands at $251 billion, a noteworthy increase attributed to the rise in Oracle's stock prices and broader market trends. This leap in wealth represents a dramatic growth of $59 billion within the year, showcasing Ellison's business acumen in the technology sector and the performance of Oracle despite challenges in the market. The substantial rise in Ellison's wealth has been closely linked to Oracle's stock performance, which gained significantly following favorable news regarding U.S. chipmakers Nvidia and Advanced Micro Devices Inc. This news positively impacted Oracle's shares, resulting in a 5.7% increase, and evidently set the stage for Ellison's wealth rise. This boost in stock value has been a significant factor in the growth trajectory of Ellison's net worth, emphasizing the close relationship between technology investments and market conditions. Ellison, who has maintained billionaire status since 1993, draws approximately 80% of his wealth from Oracle stock and options. His ability to navigate the tech industry, coupled with Oracle's impressive financial performance, places him in a strategic position among the top wealthy individuals worldwide. Notably, Ellison's place in the financial rankings is only behind Tesla's CEO Elon Musk, who ranks first, and ahead of other prominent figures like Jeff Bezos and Steve Ballmer. The current economic landscape illustrates the dynamics within the technology sector, where competition among billionaires like Ellison, Musk, and Zuckerberg is fierce. As companies continue to innovate and adapt in response to global challenges, the valuation of technology stocks can lead to significant fluctuations in individual fortunes. Overall, Ellison's rise to second place is not just a matter of personal achievement but reflects broader trends and impacts within the market that will continue to evolve.