Larry Ellison, the co-founder and chairman of Oracle, has briefly overtaken Jeff Bezos to become the second richest person in the world, with a net worth of around $159 billion. This climb in rankings was largely driven by Oracle’s strong stock performance in 2024, which surged as much as 56% throughout the year, boosted by its successful ventures in cloud computing and database services. Larry Ellison, who founded Oracle in 1977, now holds an estimated 40% stake in the company, making him one of the wealthiest tech moguls on the planet.
Larry Ellison’s wealth is primarily derived from Oracle, the software giant he built from the ground up. Founded with an initial investment of just $1,200, Oracle became the pioneer in relational database technology, a key component of modern data storage and analysis systems. Over the decades, Oracle expanded its offerings, becoming a major player in cloud services, enterprise software, and infrastructure solutions. Recently, Oracle’s push into the cloud computing space, with partnerships alongside major companies like Amazon and Microsoft, has revitalized the company’s stock value, directly boosting Larry Ellison’s fortune.
Aside from Oracle,Larry Ellison’s wealth is bolstered by various other ventures, including his ownership of Lanai, a Hawaiian island, and significant real estate holdings across the globe. His investments in Tesla have also contributed to his rising net worth, given the company’s performance in recent years.
As of September 2024, the top five richest individuals in the world have shifted, with Larry Ellison sitting in second place for the moment. The ranking currently stands as follows:
1. Elon Musk – CEO of Tesla and SpaceX, with a fortune of around $250 billion. Musk’s ventures in electric vehicles and space exploration continue to dominate his wealth.
2. Larry Ellison – With a net worth of approximately $159 billion, Ellison briefly overtook Jeff Bezos to claim the second spot, largely due to Oracle’s stellar stock performance.
3. Jeff Bezos – The founder of Amazon, now worth about $158 billion. Despite stepping down as CEO in 2021, Bezos continues to see significant wealth growth from his Amazon holdings and other ventures, including Blue Origin.
4. Bernard Arnault – The French luxury tycoon and CEO of LVMH, valued at around $155 billion. Arnault’s wealth comes from a massive portfolio of luxury brands, including Louis Vuitton and Moët Hennessy.
5. Bill Gates – Microsoft’s co-founder, with a fortune of $120 billion. Despite significant philanthropic efforts through the Bill & Melinda Gates Foundation, Gates remains among the wealthiest individuals due to his continued investment in Microsoft and other tech ventures.
Larry Ellison’s brief ascent to second place shows just how fluid the rankings of the world’s richest people can be. These positions are largely determined by stock prices, which fluctuate daily. While Larry Ellison holds onto the second spot for now, it doesn’t mean he’ll stay there for long. In fact, Jeff Bezos, who was second for several years, was briefly overtaken by Bernard Arnault earlier this year before reclaiming his position. Similarly, Elon Musk’s wealth, despite being far ahead, could also change drastically depending on Tesla’s stock performance.
What’s interesting is the level of competition at the top. In recent years, tech titans and luxury moguls have swapped places frequently as their companies either soared or faltered in the market. As Larry Ellison’s wealth continues to grow, his dominance in the tech industry remains clear, but staying in second place depends on how well Oracle performs moving forward, particularly as it faces stiff competition from other cloud computing giants like Microsoft and Amazon.
With Larry Ellison having claimed the title of the second richest person in the world for now, it’s a position that remains in flux. The top five billionaires – Elon Musk, Larry Ellison, Jeff Bezos, Bernard Arnault, and Bill Gates—are in constant competition, and with the volatility of tech stocks and shifting market dynamics, it’s likely we’ll continue to see changes at the top of the wealth rankings.
Oracle’s Larry Ellison briefly tops Jeff Bezos to become world’s second-richest person
