Oracle founder Larry Ellison now world's 4th richest person

Oracle founder Larry Ellison is reaping the benefits of artificial intelligence popularity, edging past Microsoft founder Bill Gates to land the number four spot on the Bloomberg Billionaires Index, according to Bloomberg, CNN reported.

Ellison is now the world's fourth-richest person, with a staggering $129.8 billion net worth, Bloomberg reported. He just squeaked past Gates, whose net worth -- Bloomberg reported -- is currently $129.1 billion. It's the first time Ellison is richer than Gates and ranked above No. 5 on the list, the outlet reported.

Ellison announced he was stepping down as Oracle CEO in 2014, though he didn't leave the company. He then became the technology company's chairman and chief technology officer and has accumulated most of his wealth from his stake in it.

Oracle's stock has risen more than 42 per cent year to date and is currently trading at $116.50 as of Monday market close. Oracle earned a record $50 billion revenue in the 2023 fiscal year, according to company earnings released Tuesday.

The company's infrastructure business and cloud services led the growth, CEO Safra Catz said, CNN reported.

Oracle is cashing in on AI, investing in OpenAI competitor Cohere, which raised a total of $270 million in a funding round last week, according to reports.

Artificial intelligence is keeping investors optimistic. Bank of America economists said the S&P 500 move into the bull market was mostly because investors rallied around AI, CNN reported.

Ellison is the largest stockholder in Oracle and owns approximately 42.9 per cent of its shares, a 2022 SEC proxy statement said. The 78-year-old also owns a 1.5 per cent stake in Tesla, a 2022 SEC proxy statement shows.

(With inputs from IANS)