Bet on AI: Oracle founder Larry Ellison surpassed Bill Gates for the first time to become the fourth richest man in the world

CTOnews.com, June 13 (Xinhua)-- Larry Ellison, 78, surpassed Microsoft founder Bill Gates on Monday to become the world's fourth richest man with a net worth of $129.8 billion, according to the Bloomberg Billionaires Index.

It is reported that this is the first time that Larry Ellison's net worth has surpassed that of Bill Gates, whose net worth is $129.1 billion (CTOnews.com note: about 923 billion yuan). At present, Ellison ranks fourth and Gates fifth.

▲ sources the net worth of Ellison, the Bloomberg Billionaires Index, has increased by nearly $38 billion this year, while Gates' net worth has increased by $19.9 billion. Most of Ellison's wealth comes from Oracle shares and his $11 billion stake in Tesla.

For Oracle, investor interest in AI has been the driving force behind the company's rising earnings numbers. Oracle's cloud computing business performed well in its fiscal fourth quarter 2023 results released today and will maintain high growth momentum in the new fiscal year. As a result, Oracle shares hit an all-time high at the close of the day and continued to rise 3.5% in after-hours trading.

Larry Ellison is not the only tech founder to benefit from the AI boom. The shared wealth of Google co-founders Sergey Brin and Larry Page increased by $18 billion after the Google developer conference in May. Invida Huang Renxun's wealth more than doubled in 2023, with the fastest growth among the 500 billionaires in the Bloomberg Billionaires Index.

At present, in the face of the opportunity of "AI", many entrants come with the dream of "building wealth overnight". The wind has passed and the crowd has dispersed, and there is only a place left with chicken feathers, and the myth of "AI making wealth" is probably still a "head".