Oracle cofounder Larry Ellison is no longer one of the world’s top 10 richest people after shares of the company fell 7% as artificial intelligence infrastructure stocks tumbled in a post-election market reaction to looming data center restrictions and moratoriums.
Key Facts
Ellison, Oracle’s chairman and chief technology officer, lost $11.5 billion as of 2 p.m. EST on Thursday, bringing his estimated net worth to $152.5 billion, according to Forbes’ Real-Time Billionaires list.
Oracle shares were down around 7.5% at 2 p.m. as the broader AI-linked market suffered its second day of declines after Democrats took the House and Senate in Tuesday’s midterms.
Ellison’s losses put him behind Spanish billionaire businessman Amancio Ortega, whose net worth rose $2.1 billion to reach $153.9 billion.
Nvidia, Microsoft, Alphabet, Meta and Advanced Micro Devices all fell on Thursday as part of the sharp tech and semiconductor selloff, in addition to other chip stocks Micron, Intel, SanDisk, TSM, Qualcomm and Marvell.
Key Background
Oracle’s capital expenditures rose to $28.5 billion in the first quarter of 2027, up from $8.5 billion the same period a year earlier, and spent around $55.7 billion in fiscal year 2026, surpassing its projection by over $5 billion. Stocks of AI-linked companies have sharply declined since Tuesday’s election, as the Democratic congressional sweep heightens investor concerns about the future of data centers, with Democrats poised to impose stricter regulations and, in some cases, moratoriums. The PHLX Semiconductor Index, which Oracle is not included in as it functions as a software and cloud computing company as opposed to a semiconductor company, is headed for its worst day since the start of the COVID-19 pandemic, and includes companies like Nvidia, Broadcom and Marvell.
Forbes Valuation
Ellison is one of several billionaires losing substantially today. Elon Musk is down $76.62 billion, Dell Technologies’ Michael Dell $19.2 billion, Nvidia’s Jensen Huang $14.8 billion and Meta’s Mark Zuckerberg $8.8 billion, according to Forbes’ Real-Time Billionaires list.
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