Jeff Bezos has been hit with shocking news as he was dethroned from the world's second richest man's title.
The man behind Amazon CEO's heartbreak is Oracle co-founder Larry Ellison, whose company's stock saw a 7% gain on Friday, June 13.
Ellison's net worth rocketed by more than $40 billion to $258 billion from Wednesday to Friday, earning him the title of world's second wealthiest man.
The 80-year-old is only less wealthy than his long-time friend and fellow tech CEO Elon Musk, whose net worth reaches the glamorous total of $414 billion.
Oracle has gained $104 billion in market capitalisation over the last two trading sessions, which is more than the total valuation of Intel.
Reason behind Oracle stock surge
Oracle's stock rise was followed by a Wednesday afternoon earnings report, which revealed stronger profits and sales than Wall Street expected for the company's quarter ending last month.
2026 – starting this month for Oracle – will be an important year for its cloud infrastructure service due to high demand for AI training workloads.
Notably, Oracle's focus on AI cloud infrastructure is expected to drive sustained double-digit growth through 2026 and 2027.
About Oracle
Oracle is a US-based multinational technology company specialising in developing and marketing software products, including cloud computing solutions, and database management systems.
Some key features of Oracle's products and services are high data availability, scalability and advanced analytics.
