World's Richest List has a new No. 2, the technology company behind him and why its market value is soari

Oracle founder Larry Ellison has surpassed Amazon's Jeff Bezos to claim the No. 2 spot on the world's richest list, according to the latest data from Bloomberg Billionaires Index. This shift in rankings is attributed to a significant surge in Oracle's market value, driven by robust demand for its cloud computing services. With Ellison's net worth now estimated at $162 billion, he trails only Tesla and SpaceX CEO Elon Musk, who continues to hold the top position. Oracle's impressive market performance can be largely credited to its strategic investments in artificial intelligence and cloud technology. As businesses worldwide increasingly adopt these technologies, Oracle has positioned itself as a key player, offering scalable and secure solutions. The company recently reported a 30% increase in cloud revenue, reflecting its growing influence in the sector and boosting investor confidence. Industry analysts suggest that Oracle's focus on innovation and expansion into new markets has been pivotal in its recent success. By diversifying its offerings and enhancing its technological capabilities, Oracle has not only increased its competitive edge but also its market valuation. As a result, Larry Ellison's wealth has seen a substantial rise, highlighting the impact of technological advancements on personal fortunes.

— Authored by Next24 Live