Oracle co-founder Larry Ellison has become the world’s second-richest person for the first time, with his net worth hitting $251.2 billion, according to the Bloomberg Billionaires Index. The surge is driven by Oracle’s booming stock, which has nearly tripled since the launch of ChatGPT in November 2022 and gained over 90% in just the past three months.
Ellison, 80, now trails only Elon Musk and has overtaken Meta CEO Mark Zuckerberg. More than 80% of his wealth is tied to Oracle stock and options.
Oracle’s latest jump—5.7% on Tuesday—followed news that the U.S. government will ease chip export restrictions to China, benefiting companies like Nvidia and AMD. The AI-fueled rally, major cloud computing contracts, and partnerships with OpenAI and SoftBank have all contributed to Oracle’s rapid rise.
Ellison also announced a shift in his philanthropic efforts, saying he would refocus resources from the Giving Pledge to the Ellison Institute of Technology, which partners with Oxford University and works on innovations in health, clean energy, agriculture, and AI.
Meanwhile, Nvidia CEO Jensen Huang also climbed Bloomberg’s rich list, moving into ninth place as Nvidia stock continues its meteoric rise. Elon Musk remains the world’s richest person, with a net worth of $357.8 billion.