Oracle's Larry Ellison Briefly Became Wealthier Than Jeff Bezos. Here's How His Fortune Outpaced Amazon's Founder

Oracle ORCL co-founder Larry Ellison briefly surpassed Amazon's Jeff Bezos on the list of the world's richest people after Oracle's stock hit record highs. Ellison's net worth was just behind Tesla's Elon Musk on the billionaire leaderboard. Here’s how this happened.

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The rise of AI has been a major driver of Oracle's growth this year. Oracle has positioned itself as a key player in the AI sector, partnering with companies like Nvidia to provide the infrastructure needed to support AI development.

This has significantly boosted Oracle's stock, which has gone up 64% in 2024, making it one of the top-performing tech stocks. At the time of writing, the stock was sitting at $170.33, up from $104.06 at the beginning of the year.

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Ellison, who holds roughly 40% of Oracle, has profited directly from the recent spike in stock prices. At one point, his wealth increased to over $208 billion, briefly surpassing Jeff Bezos’s $204 billion net worth. For the first time, Ellison was listed as the second-richest person in the world, marking a significant milestone.

However, Ellison's net worth later dropped to $181 billion, while Bezos climbed to $208 billion. At the time of writing, Elon Musk remains the wealthiest person, with a net worth of $248 billion.

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Oracle's focus on cloud services and AI has been paying off, while Bezos's fortune, mostly tied to Amazon, hasn't grown as quickly in the same period. Still, Bezos remains a major player and the gap between their wealth has been small, with the two billionaires trading places on the rich list.

Ironically, Oracle's success has partly come from a new partnership with Amazon Web Services (AWS). Earlier this year, they announced that Oracle's database software would now be available for AWS customers.

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Ellison's confidence in Oracle's future is evident. At a recent event, he predicted that Oracle's cloud databases will continue to grow as more companies choose Oracle for their cloud services, sharing optimistic revenue forecasts through 2029, which has fueled investor excitement. 

During a recent Oracle financial analyst meeting, Ellison expressed his belief that AI will usher in a new era of widespread monitoring. Oracle is prepared to serve as the backbone of this transformation. “Citizens will be on their best behavior because we’re constantly recording and reporting,” Ellison said, sparking some debate.

With Oracle's strong positioning in AI and cloud computing and its partnerships with AWS, Microsoft and Google, Ellison's wealth will likely continue growing. However, as seen with billionaires like Bezos, Musk and others, fortunes can fluctuate rapidly depending on market movements.

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