Oracle's AI-fueled success has made Larry Ellison one of the world's richest men. His immense wealth has allowed him to finance the purchase of Paramount for his son.
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| Oracle's AI-fueled stock surge makes billionaire Larry Ellison a media mogul, as he finances the purchase of Paramount. Symbolic image |
Hollywood, Los Angeles, California, USA - September 18, 2024:
Oracle's soaring stock price, driven by the AI boom, has significantly boosted the wealth of its co-founder, Larry Ellison. The billionaire's newfound riches have even allowed him to fully fund the acquisition of Paramount, a major Hollywood studio.
Ellison's 40% stake in Oracle has seen a dramatic increase in value over the past two years, primarily due to the company's involvement in the AI sector. As investors become increasingly optimistic about the potential of AI, Oracle's cloud and database services have become highly sought after.
The acquisition of Paramount, which Ellison is financing for his son, David, is a testament to his immense wealth. A single day's increase in Oracle's stock price was sufficient to cover the entire cost of the $8.4 billion deal. This highlights the unprecedented financial power that Ellison now possesses.
Beyond the Paramount acquisition, Ellison's substantial wealth also puts into perspective his investment in Elon Musk's Twitter. While the value of his initial $1 billion investment has likely declined, it is a relatively minor loss for a billionaire of his stature.
The Oracle boom has solidified Ellison's position as one of the world's wealthiest individuals. His financial success, fueled by the AI revolution, has allowed him to make significant investments and indulge in extravagant lifestyle choices, such as owning an entire island.