Oracle, the legacy tech giant founded by Larry Ellison in 1977, has been making waves on Wall Street this year. Following a recent earnings report that exceeded expectations, Oracle’s stock surged by 11% in a single day, closing at a record high of $157.10. This marks a significant turnaround for the company, which saw lackluster performance in the previous years. Oracle’s success has been largely attributed to its cloud businesses, which have seen double-digit growth in each of the three quarterly reports this year.
As Oracle’s stock continues to climb, so does the net worth of its founder and chairman, Larry Ellison. With over 40% ownership of Oracle’s outstanding stock, Ellison’s net worth has skyrocketed to $192 billion, making him one of the wealthiest individuals in the world. The financial success of Oracle has largely been driven by its recent rally in the stock market, outperforming other tech giants like Intel and Cisco.
Oracle’s cloud business has been a major driver of growth for the company, with revenue in the unit surging by 45% in the latest quarter. Despite facing fierce competition from top cloud providers like Amazon Web Services, Microsoft, and Google, Oracle has managed to carve out a niche for itself in the cloud infrastructure market. Through strategic partnerships with major cloud vendors, Oracle has been able to expand its reach and accelerate the growth of its database business.
As Larry Ellison enters his 81st year, he continues to push the boundaries of technology and innovation. Embracing the potential of artificial intelligence, Ellison has been exploring the concept of autonomous databases that require no manual patching or downtime. Additionally, Ellison has been a vocal critic of traditional passwords, labeling them as “utterly ridiculous” due to their inherent security flaws. Instead, Ellison envisions a future where logging in is as simple as typing an email address, with computers using facial recognition to authenticate users.
Oracle’s recent success in the stock market is a testament to the company’s resilience and adaptability in the ever-changing tech landscape. With Larry Ellison at the helm, Oracle continues to innovate and push the boundaries of technology, setting the stage for a future driven by cloud computing and artificial intelligence. As Oracle expands its partnerships and explores new frontiers, the legacy tech giant is poised to remain a key player in the industry for years to come.