Bill Gates surpassed in billionaire rankings

Oracle's founder has surpassed Bill Gates to become the world's fourth-richest person, thanks largely to a 42% surge in the software company's stock price this year.

Larry Ellison (left) has surpassed Bill Gates (right) to become the 4th richest person in the world. Photo: AP

According to Bloomberg, the boom in the field of artificial intelligence in the first half of 2023 helped Oracle Corporation's stock price and founder Larry Ellison's net worth reach record highs.

Ellison has surpassed the Microsoft co-founder to become the world's fourth-richest person with a net worth of $129.8 billion, according to the Bloomberg Billionaires Index. This is the first time the Oracle founder has become richer than Bill Gates, whose net worth is about $129.1 billion. This is also the highest ranking Larry Ellison has achieved.

Investor interest in AI and a strong rebound in the tech sector have been a tailwind for Oracle's stock, which has surged 42% this year and hit a record high of $116.43 on June 12.

On the same day, analyst firm Wolfe Research raised its expectations for Oracle as the software giant is actively developing a relationship with Cohere, an AI company that also means challenging the alliance between Microsoft and OpenAI.

Ellison's net worth has increased by nearly $38 billion this year, while Bill Gates's has added $19.9 billion. According to Bloomberg, the Microsoft co-founder's ranking has not improved much in recent years because a large portion of his account has been used for charitable purposes.

Ellison, meanwhile, is largely made up of his stakes in Oracle and Tesla. He has sold more than $12 billion in Oracle stock since 2003 and is known for his lavish lifestyle, which includes private jets, yachting teams and luxury real estate.

Ellison isn’t the only billionaire to benefit from the AI boom. Google co-founders Sergey Brin and Larry Page added $18 billion to their collective fortune.

Nvidia co-founder Jensen Huang's net worth even doubled in 2023 thanks to his focus on AI hardware, making him the biggest gainer on Bloomberg's list of the world's 500 richest billionaires.

According to Zing

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