As Oracle's stock jumps 63% due to success in AI and cloud services, Larry Ellison's fortune surges. Read about Oracle's ongoing efforts to encourage innovation and development.

Oracle co-founder Larry Ellison has had a remarkable year, seeing his wealth climb by $75 billion as the company's shares jumped 63%, the most since the dot-com bubble. Ellison is now among the richest people in the world, second only to Elon Musk and Jeff Bezos, with a net worth of over $217 billion, thanks to Oracle's spectacular stock rise, even if the S&P 500 index increased by 27% in 2024.

Even though his contemporaries are considerably younger, Ellison, who is 80 years old, is still a shining star in the computing industry. Oracle's successful foray into the rapidly expanding artificial intelligence business, where its cloud infrastructure is utilized by big clients like OpenAI and Meta, has greatly increased his wealth. Oracle has gained popularity among startups, particularly in the AI space, because of its more accessible products, which include robust cloud services and databases.

Ellison is still upbeat about Oracle's prospects in spite of a recent financial report that did not meet expectations. He highlights that Oracle's cloud architecture is more cost-effective and speedier than competing solutions, setting the business up for future expansion. Oracle is predicted to boost its revenue by 10% in the current fiscal year, making it one of its greatest expansion years since 2011.