Larry Ellison now second richest person in the world: Who is he and how much is he worth

The Forbes list of the world’s richest individuals often highlights owners of the most prominent global companies, such as Elon Musk (X, formerly Twitter, Tesla and SpaceX) or Jeff Bezos (Amazon). However, in recent days, a venerable name among the richest people on the planet has shot up the rankings to number two in this elite group: Larry Ellison, the founder of Oracle, a company specializing in both cloud and on-premises technology solutions.

A rapid rise from fifth to second

At the beginning of September, Ellison held the fifth position among the world’s wealthiest individuals. However, Oracle’s stock price surged, propelling him up the ranks. On September 10th, Oracle reached its all-time high in stock price, putting Ellison’s net worth at an eye-watering $202.8 billion.

The early days of Ellison

Born in the Bronx, New York, Ellison faced health challenges from a young age, leading him to relocate to Chicago to live with his aunt, who ultimately adopted him. According to Vanity Fair, Ellison attended both the University of Illinois and the University of Chicago but dropped out of both before completing his degrees.

Afterward, Ellison moved to California, where he began his career as a computer programmer. In 1977, he co-founded Software Development Laboratories with two partners. After a series of name changes, the company became Oracle Systems Corp in 1982. As the computing industry grew, Oracle emerged as one of its key players.

Over 40 years of experience

Oracle’s path to success was not without its challenges. In 1990, the company lost $36 million in a single month, but Ellison managed to steer it through the tough times. After nearly four decades as CEO, Ellison stepped down in 2014, transitioning to the roles of chairman and chief technology officer while retaining less than half of the company. Ellison also served on Tesla’s board of directors from 2018 to 2022.

Oracle’s Legacy and Impact

Founded in 1977, Oracle, as it would eventually be called, quickly became a leader in the database management industry. Known for its cutting-edge relational database software, Oracle has expanded its offerings to include cloud infrastructure, enterprise software, and customer experience tools. Its flagship product, the Oracle Database, revolutionized the way businesses manage data, making it easier to store, retrieve, and manipulate large volumes of information. Over the decades, Oracle has broadened its portfolio with the acquisition of major companies like Sun Microsystems, and its current focus is on cloud solutions with Oracle Cloud Infrastructure (OCI) and Oracle Fusion Applications.

The company’s influence spans industries from finance and healthcare to retail and government, and its software helps businesses streamline operations, improve efficiency, and drive innovation. Larry Ellison’s vision has positioned Oracle as a dominant force in both cloud computing and enterprise software, shaping the future of digital transformation globally.

Ellison’s children

Ellison’s children have also carved out substantial fortunes. His son David Ellison is the owner of Skydance Media, a film production company, and has recently struck a deal with Paramount to form New Paramount, where he will serve as CEO. Meanwhile, his daughter Megan Ellison is a producer at Annapurna Pictures, a production company known for its critically acclaimed films, including several Oscar nominations.