The founder of Oracle who is also the owner of Paramount Global, Larry Ellison has overtaken Jeff Bezos as the second richest person in the world. He currently has a net worth of $206.5 billion which is ahead of Jeff Bezos who has $202.9 billion but still behind Elon Musk who has a net worth of $250.9 billion.
Ellison's fortune has increased by more than $8 billion over the past week helped by the rise in the value of Oracle shares which posted gains last quarter. This year alone Oracle's stock value has risen 55% driven by high demand for cloud services that offer artificial intelligence (AI) processing.
Oracle was founded by Larry Ellison, Bob Miner and Ed Oates in 1977 to provide database management services for businesses. It originally used the name Software Development Laboratories before changing several times to Oracle in 1995. In addition to database management services, Oracle also offers cloud computing services and software for enterprises.