Larry Ellison has surpassed Mark Zuckerberg to become the world's second-wealthiest person with a net worth of $251.2 billion. Oracle has experienced substantial growth attributed to increased demand for AI computing through its cloud services. The company's stock has surged more than 90% since late April, resulting in a market valuation of around $650 billion. Oracle's latest earnings report revealed an 11% rise in quarterly revenues, driven by a 14% increase in cloud services. CEO Safra Catz anticipates even higher revenue growth moving forward as the cloud business expands.
Oracle's stock price has doubled over the past two years, pushing the company's market value to around $650 billion. "According to The Wall Street Journal, Oracle's stock has skyrocketed due to the AI boom. A lot of that growth has been concentrated in recent gains."
Ellison's net worth is now $251.2 billion, higher than Zuckerberg's $251 billion but less than Elon Musk's $358 billion. "For the first time, Ellison has overtaken Meta CEO Mark Zuckerberg on the Bloomberg Billionaires Index to claim the No. 2 spot."
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