Tech giant Larry Ellison’s fortune surged Tuesday as shares of his cloud computing company Oracle surged to an all-time high, pushing Ellison into third place on Forbes’ billionaires list.
According to the Bloomberg Billionaires List, Ellison has just surpassed Bill Gates and is still behind Elon Musk, Jeff Bezos, Bernard Arnault and Mark Zuckerberg.
Oracle shares rose 14.7% to $160.50 a share on Tuesday, breaking their previous all-time high of $146.59 set in July.
The rally came after Oracle’s quarterly earnings report, released after the market closed on Monday, brought good news for Oracle, as the company comfortably beat analysts’ consensus estimates for quarterly revenue and earnings with its market value rising from $386 billion to about $435 billion; to become the 17th most valuable public company in the United States.
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