Internet entrepreneur Larry Ellison has made more than $1billion overnight, leapfrogging Mark Zuckerberg in the global rich list.
Ellison, founder and chairman of computer technology giant Oracle Corporation, added $1.3billion to his net worth after investors gave a positive response to the company’s latest earnings report. More after the cut…
The 71-year-old is currently worth $48.7billion, making him the sixth richest person in the world, ahead of the Facebook founder, who held the spot on Tuesday, Forbes reported.
Zuckerberg is worth $48.3billion, up $100 million, but not enough to maintain his position in the global wealth rankings. Oracle’s stock is up nearly 4 per cent from Tuesday’s close in New York, despite the business reporting a fall in profits.
The two tech entrepreneurs and billionaires hold the vast majority of their wealth in their companies’ shares, so market movements can have a big impact on their net worth. Mr Ellison founded Oracle Corporation in 1977, which now specializes in developing and marketing database and software technology and and cloud engineered systems – it is the second biggest software company in the world after Microsoft.
The New York born billionaire has donated up to 1 per cent of his wealth to charity and good causes and has signed the Giving Pledge. The pledge was promoted by Bill Gates and Warren Buffett to encourage the super rich to give away the majority of their wealth to philanthropy and is supported by Zuckerberg, who has also signed up and is active in giving to global causes.
After announcing the the birth of his daughter Max in 2015, Zuckerberg and his wife Priscilla Chan, said they would donate 99 per cent of Facebook shares, then valued at $45 billion, to their new charitable foundation focusing on health and education.
Bill Gates remains at the top of the world’s richest billionaires’ list – a position he has occupied for the 17 of the past 22 years. The 60-year-old Microsoft head is $4.2billion poorer than 2015, but his net worth of $75billion still allows him to comfortably take the top spot.