Larry Ellison loses $6.1B as Oracle erases $550B market value
Business
Larry Ellison, Oracle's co-founder, just lost $6.1 billion in a single day after the company's stock tumbled. His net worth now sits at $178 billion.
The bigger picture? Oracle shares have dropped 62% from their peak, erasing a massive $550 billion in market value.
Investors worry over Oracle AI spending
Investors are worried about how much Oracle is spending on artificial intelligence projects, a reported $300 billion agreement linked to the Stargate initiative, and its growing debt, which has nearly doubled to $169 billion.
On top of that, a major data center project in New Mexico is facing power and regulatory issues.
Still, despite all this turbulence, Oracle's cloud services business is showing strong growth.