How Oracle's Larry Ellison became world's richest man
What's the story
Larry Ellison, the co-founder of Oracle and one of the most influential figures in tech history, has just become the world's richest man. The dramatic rise in his wealth comes after Oracle's stock price skyrocketed following better-than-expected quarterly results and an aggressive outlook for its cloud business. As of yesterday, Ellison's net worth stood at a staggering $393 billion, surpassing Elon Musk's $385 billion.
Early life
Early life and education
Born in the Bronx and adopted by his aunt and uncle in Chicago, Ellison grew up in a modest apartment on the South Side. He didn't learn about his adoption until he was 12 years old. Despite excelling in science and math at the University of Illinois, where he was named science student of the year, Ellison dropped out twice due to personal tragedies.
Career start
Career beginnings and Oracle's inception
After dropping out, Ellison moved to Berkeley, California with a basic knowledge of programming. He worked at Fireman's Fund, Wells Fargo, and Amdahl Corporation for eight years. In 1977, he co-founded Software Development Labs with two colleagues. They created a revolutionary database system based on SQL, a concept IBM had overlooked, and got a contract to build one for the CIA under the code name "Oracle."
Growth challenges
Turning point and growth
By 1986, Oracle went public. However, the company's rapid growth came with its own set of challenges. In 1990, Oracle overstated revenues and nearly collapsed. But Ellison turned things around by bringing in experienced managers, focusing on innovation, and launching Oracle 7, an industry standard today. His foresight in pushing Oracle into internet-based business applications and making bold acquisitions like PeopleSoft, Siebel helped cement its position as a tech titan.
AI boom
The final chapter
In September, Oracle's value surged by over $200 billion due to rising demand for artificial intelligence. This pushed Ellison's stake to a whopping $389 billion, making him the richest man on Earth. From a boy who didn't belong, he built a legacy of belonging through technology and risk-taking. Today, his story is one of resilience and innovation in the face of adversity.