Larry Ellison—Losing $31 Billion—Stumbles To No. 3 Richest As Oracle Shares Plummet

Core Insights - Oracle's stock experienced its largest single-day decline in nearly a year, dropping 13.1% to approximately $193.80 after the company reported quarterly revenues that fell short of Wall Street expectations [1][2] Financial Performance - Oracle reported $16 billion in revenue for the latest quarter, which was below analyst estimates of $16.1 billion [2] - Software sales were reported at $5.8 billion, falling short of projections that exceeded $6 billion [2] - Cloud sales for the second quarter increased by 34% to $7.97 billion, surpassing estimates of $7.92 billion [2] - The company also reported capital spending of $12 billion in the quarter, significantly above the expected $8.3 billion [3] Executive and Market Position - Larry Ellison, Oracle's chairman, saw a reduction of $35.8 billion in his net worth, bringing it to an estimated $245.2 billion, making him the third-richest person in the world [4] - Ellison previously held the No. 2 position, now occupied by Larry Page, and ranks ahead of Jeff Bezos, Sergey Brin, and Mark Zuckerberg [4] - In September, Ellison's net worth approached $405 billion, making him the second person to exceed the $400 billion mark, although he trailed Elon Musk by approximately $31 billion at that time [4]