Larry Ellison, the co-founder of Oracle, saw his fortune increase by about $16 billion as his company’s stock saw its second-best day in two decades.
According to Forbes, Ellison is now worth $136.2 billion, making him the world’s fifth-richest person.
Oracle’s stock soared 16 percent after the company reported better-than-expected quarterly earnings. According to Forbes, Ellison, the company’s largest shareholder with 1.14 billion shares.
Ellison has now overtaken Larry Page and Sergey Brin, the co-founders of Google.
He has moved into fifth place on the Forbes billionaires list, slightly ahead of Google’s Larry Page ($126.3 billion) and Sergey Brin ($121.7 billion).
Bill Gates is the fourth wealthiest person on the planet, with a net worth of $139.2 billion.
In late 2018, Ellison stated that he had acquired a $1 billion stake in Tesla. The market capitalization of electric vehicle manufacturers has surged about 1,300 percent over the last three years, and Ellison’s shares are now worth $16 billion.
Ellison, 77, earns a large percentage of his fortune from his Oracle stake, which has increased in value by almost $44 billion this year as a result of the company’s 59 percent stock price gain.
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