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BREAKING - Billionaire CEO of Oracle, Larry Ellison, gains $5 billion in 5 days
Billionaire businessman and CEO of Oracle, Larry Ellison has gained a sum of $5.4 billion in
five days, raising his net worth to $90.6 billion.
As at the 25th of May 2022, the billionaire was worth $85.2 billion according to the Bloomberg billionaire index. However, as of the time of writing this article, his net worth has seen a significant increase as he is now worth $90.6 billion.
On the other hand, his worth on a year-to-date basis has reduced significantly, dropping by $16.2 billion between January and May 2022.
The decline in his net worth is largely attributed to the huge selloffs recorded in the stocks of Oracle Corporation. The American multinational computer tech firm has recorded a 17.2% year-to-date decline in its share price, now selling at $72.78 despite starting the year at $87.9.
Similarly, the share price of Tesla, an American automotive and clean energy company, which Ellison also has exposure in, has also dipped by 36.69% year-to-date. It is worth noting that his net worth climbed by over $5 billion in the past 5 days as a result of the rally recorded in the stock market.
About Oracle Corporation
Oracle Corporation is an American multinational computer technology corporation headquartered in Austin, Texas. Notably, Oracle is the third-largest software company in the world by revenue and market capitalization.
The company sells database software and technology (particularly its own brands), cloud engineered systems, and enterprise software products.
Oracle has a revenue of $40.47 billion. In 2021, the company recorded an operating income of $15.21 billion, a net income of $13.74 billion, total assets of $131.10 billion and total equity of $5.95 billion.
Oracle Corporation was founded by Larry Ellison with co-founders Bob Miner and Ed Oates under the name Software Development Laboratories (SDL).
Ellison took inspiration from the 1970 paper written by Edgar F. Codd on relational database management systems (RDBMS) named “A Relational Model of Data for Large Shared Data Banks.” He heard about the IBM System R database from an article in the IBM Research Journal provided by co-founder Oates.
In 1979, SDL changed its name to Relational Software, Inc (RSI,] then again to Oracle Systems Corporation in 1983 to align itself more closely with its flagship product Oracle Database.
In 1995, Oracle Systems Corporation changed its name to Oracle Corporation, officially named Oracle, but is sometimes referred to as Oracle Corporation, the name of the holding company.
Asides from Oracle Corporation, which is founded by the billionaire, he also owns more than 40% of the Austin, Texas-based company as well as a significant stake in Tesla, a sailing team, the Indian Wells tennis event and high valued real estate, such as Hawaii’s Lanai island and very interestingly, a collection of 16th-century Samurai Armour and weaponry.
What Larry Ellison’s net worth can buy
According to the Bloomberg billionaire index profile of the billionaire businessman, his $90.6 billion dollar net worth can buy the following;
8 million ounces of gold
754 million barrels of crude oil
432% of the GDP of the United States
24% of the total wealth of the 500 richest people in the world
9% of the top 100 United States college endowments
1,435% of the top 200 United States executives total awarded compensation
06 % of United States’ existing homes
1,342,037 times the median United States household income.