How Larry Ellison Dropped From World's 2nd-Richest To No. 8 In Just 2 Months
Less than a year ago he was the #1 richest man in the world. 10 weeks ago he was #2. But yesterday Larry Ellison dropped to #8, Forbes reports, falling behind Nvidia CEO Jensen Huang. Ellison's net worth is now estimated at just $192.6 billion — after a $104 billion decline: Shares of Oracle plunged roughly 54% between hitting a high of just over $250 on June 1 to a low of $114.50 on July 28,…
Larry Ellison, once the world's second-richest man, has fallen to eighth place in just two months, according to Forbes. His net worth has plummeted to $192.6 billion, a $104 billion decline following a sharp drop in Oracle's stock price. Shares of Oracle plummeted 54% between June 1 and July 28, reaching a low of $114.50. The company's capital expenditures surged 162% to $55.7 billion, with spending expected to surpass $95 billion by fiscal 2027.
Oracle's revenue projections led the firm to anticipate raising $40 billion through debt and equity financing. Analysts have expressed concerns over Oracle's ability to fund its capital spending, particularly with a significant portion of its remaining performance obligation tied to OpenAI. Melius Research analysts warned that Oracle's spending plans may not be viable if OpenAI or Anthropic demand more computing capacity.
The tech titan's market valuation has plummeted by $443 billion since peaking at $877.1 billion in September, currently sitting at $433.5 billion as of Friday.
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