Outlook Business Desk
Larry Ellison, the co-founder of Oracle, has seen a sharp decline in personal wealth as Oracle shares continued to fall, wiping out tens of billions in value within a short span ahead of the company’s earnings announcement.
According to Forbes’ real-time billionaire estimates, his net worth dropped from around $296 billion on June 2 to nearly $249.7 billion in less than a week, tracking daily changes in global wealth.
Oracle shares fell more than 4% in a single trading session and extended weekly losses to nearly 17%, reflecting sustained selling pressure in the stock ahead of earnings.
The decline in Oracle stock, as per reports, comes amid broader weakness in technology and AI-related stocks, as investors reduce exposure to high-valuation segments of the market during recent trading sessions.
Due to the sharp decline in personal wealth, Larry Ellison has slipped from the position of the world’s second richest individual to fifth place in global billionaire rankings.
Major technology stocks, including Apple, Nvidia, AMD, Micron and Marvell, also declined during the same trading sessions. The broader weakness in the tech sector added further pressure on investor sentiment across AI and semiconductor-related companies.
Larry Ellison now trails Amazon founder Jeff Bezos, Google co-founders Sergey Brin and Larry Page, and Tesla CEO Elon Musk, who remains the world’s richest individual.