Larry Ellison, who ranked the world’s second-richest person earlier this month, dropped to the No. 7 spot behind Mark Zuckerberg following another rise in Meta’s stock and a nearly monthlong downturn in Oracle shares that has cut more than $100 billion from Ellison’s net worth.
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Key Takeaways
- Shares of Oracle rose slightly (0.3%) as of Monday afternoon, after a nearly 41% plunge for the stock since ORCL hit an intraday high of $250 on June 1, while Meta shares advanced 2.6%.
- Oracle’s stock dropped nearly 20% last week, its worst performance since 2001, according to FactSet data.
- A boost in Meta shares increased Zuckerberg’s net worth by $5 billion to $194.1 billion, ranking him ahead of Ellison ($192.4 billion) as the world’s sixth-richest person.
- Ellison’s fortune eclipsed $300 billion on June 1 and briefly ranked him as the second-richest person, directly behind Elon Musk, whose fortune is valued at $976.7 billion as of Monday.
- The Oracle chairman slid to No. 5 a week later, falling behind Amazon’s Jeff Bezos, whose net worth is now valued at $251 billion.
What to watch for
Musk could soon reclaim his trillionaire status, which he lost after a slump in SpaceX’s stock price and new restrictions on his Tesla shares. He became the world’s first trillionaire following SpaceX’s record-setting initial public offering earlier this month, but shares in the rocket maker briefly dropped below their debut price last week and erased a 41% surge by market close on Friday. Musk’s net worth rose $25.6 billion on Monday as SpaceX shares increased 3.7% and Tesla surged nearly 8%.
Key background
Oracle shares rallied ahead of its earnings report on June 5, when analysts anticipated the company would report more than $660 billion in backlog orders. Ellison’s firm reported quarterly revenue of $19.2 billion and $2.11 earnings per share, beating out analyst expectations, as cloud infrastructure revenue skyrocketed 93%. Vital analyst Adam Crisafulli called Oracle’s sales guidance for fiscal year 2027 “a disappointment,” after the company reiterated earlier estimates of $90 billion in total revenue, noting a similar move from Broadcom “underwhelmed investors too.”
This story was originally published on forbes.com and all figures are in USD.
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