An unexpected contender may rise to the top of the world’s wealth rankings: Oracle Chairman Larry Ellison. Analysts predict that Ellison’s stock holdings in the software company could soar to $206.5 billion within a year, potentially surpassing Jeff Bezos, Elon Musk, and Jensen Huang in stock value alone.
Oracle shares have surged nearly 60% in 2024, marking the company’s best performance since 1999, largely driven by the AI boom. Following a robust fiscal first-quarter report, Oracle’s stock reached new highs, momentarily positioning Ellison as the world’s richest person behind Musk and ahead of Bezos.
“Larry has this uncanny ability to identify trends and pivot accordingly,” said Kim Forrest, chief investment officer at Bokeh Capital Partners, who has analyzed the company. However, she expressed uncertainty about whether Oracle’s current product strategy aligns with future demands.
The AI enthusiasm has propelled technology stocks, benefiting companies like Oracle since the late-2022 launch of ChatGPT. A recent rate cut by the Federal Reserve could further enhance profits by lowering borrowing costs, allowing companies to reinvest in growth.
In comparison, Bezos’s fortune is projected to grow to $203.9 billion, a $27.8 billion increase based on a consensus price target indicating a 16% rise in Amazon shares, which have gained about 25% this year.
Nvidia has also seen significant gains, with shares skyrocketing 135% this year following a staggering 239% increase in 2023. Analysts forecast Nvidia shares could reach over $149, potentially boosting CEO Jensen Huang’s wealth by $27.2 billion to $128.7 billion.
Conversely, Elon Musk may face a decline in wealth, with Tesla shares expected to drop nearly 11% to $89.6 billion amid growing competition and price adjustments. Tesla stock has dipped about 4% since the beginning of the year, complicating Musk’s standing in the billionaire rankings.
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