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Oracle co-founder Larry Ellison has lost more than $47 billion in net worth in less than a week following a sharp decline in Oracle’s stock price. The drop pushed him from second place to fifth on the list of the world’s richest people.
According to Forbes’ real-time billionaire list, Ellison’s wealth plummeted from nearly $297 billion on June 2 to about $250 billion within days, following a drop in Oracle’s stock price due to a valuation reassessment ahead of its earnings announcement.
As Ellison’s wealth is heavily dependent on his Oracle shares, any changes in their performance directly impact his net worth. This recent drop cost Ellison tens of billions of dollars in net worth, making him one of the biggest wealth losers among the world’s billionaires.
This comes after an impressive run that has seen success on both sides of the equation. The rise in demand for AI and cloud technologies has driven Oracle’s stock higher over the last few months.
With this success, Ellison’s net worth grew and helped him climb all the way up to being the second-wealthiest man in the world. Oracle’s growing cloud segment and involvement in AI ventures were helping build trust among investors.
Unfortunately, recent market turmoil has caused issues in tech stocks, leading to profit-taking as stock prices rose.
Also Read: OpenAI Growth Concerns Trigger Sell-Off in Oracle and CoreWeave Stocks
With the fall in Oracle’s stock, things got mixed up when it comes to billionaire rankings. Ellison now finds himself ranked below many tech entrepreneurs, including Jeff Bezos, Larry Page, and Sergey Brin.
Despite his loss, he remains one of the wealthiest people in the world. His place and net worth may once again change based on Oracle’s upcoming earnings performance.
The latest decline highlights how quickly fortunes tied to publicly traded technology companies can rise or fall with stock market movements.
