Move over Bill Gates, Larry Ellison is coming through.
The co-founder of Oracle has moved ahead of Bill Gates to become the world’s fourth richest person on the Bloomberg Billionaires Index. The position swap comes as Oracle shares have been steadily rising on increased interest in generative artificial intelligence.
Ellison, as of Tuesday morning, has a total net worth of $130 billion, according to Bloomberg’s rankings. That puts him narrowly ahead of Gates, who currently stands at $129 billion and Warren Buffett, who sits in fifth place at $117 billion.
Ellison is $20 billion below Jeff Bezos, whose net worth stands at $150 billion today.
The surge in Ellison’s wealth, almost $38 billion year to date, comes as Oracle’s stock has been on the rise. Oracle shares are up 42% year to date on investor enthusiasm about AI. The company recently set a quarterly earnings record.
Ellison is also one of Tesla’s biggest individual shareholders, with over $11 billion invested in the company.
In 2014, Ellison stepped down as CEO of Oracle, but stuck around as chairman and chief technology officer. He still serves as both today. Oracle shares make up around 75% of his fortune.
Beyond that, he also owns one of the Hawaiian islands (Lana’l), dozens of homes in California, several yachts and an extensive collection of samurai art.
He still has a long, long way to go before topping the list, though. Bloomberg estimates Elon Musk’s fortune to stand at $225 billion today, an increase of $88 billion so far this year.
This story was originally featured on Fortune.com
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Source: finance.yahoo.com