The stock price of the computer software maker Oracle plummets, dropping Larry Ellison out of the top 10 list among billionaires.
Oracle co-founder Larry Ellison is no longer among the world’s top 10 richest individuals, following a 7% dip in the shares of the company amid a market reaction to upcoming data center restrictions and moratoriums in the wake of the election.
Key Facts
- Oracle’s Chairman and Chief Technology Officer Ellison saw his net worth drop to $152.5 billion, down $11.5 billion as of Thursday afternoon at 2 p.m. EST, according to Forbes’ Real-Time Billionaires list.
- Oracle fell about 7.5% at 2 p.m. as the overall AI-related stock market declined for the second straight day since the Democrats swept to the House and Senate in Tuesday’s midterm elections.
- The drop in Ellison’s fortunes left him one dollar less than billionaire Spaniard businessman Amancio Ortega whose net worth increased to $153.9 billion.
- Along with other chip stocks like Micron, Intel, SanDisk, TSM, Qualcomm and Marvell, other tech and semiconductor companies, including Nvidia, Microsoft, Alphabet and Meta, tumbled on Thursday.
KEY BACKGROUND
Capital expenditures at Oracle increased to $28.5 billion in the first quarter of 2027, from $8.5 billion the same quarter of fiscal year 2026, and to approximately $55.7 billion in fiscal year 2026, which was more than $5 billion higher than the level projected. Investors have been worried about the future of data centers since Tuesday’s election, when Democrats will institute tougher regulations and, in certain instances, moratoriums.Concerns that the future of data centers is unclear have hit stocks of companies related to artificial intelligence hard since Tuesday’s election, as many Democrats appear poised to impose stricter regulations and in some cases, moratoriums. The PHLX Semiconductor Index, which Oracle is not included in as it functions as a software and cloud computing company as opposed to a semiconductor company, is headed for its worst day since the start of the COVID-19 pandemic, and includes companies like Nvidia, Broadcom and Marvell.
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FORBES VALUATION
Ellison is among several billionaires that are seeing a significant drop in their fortunes today. According to Forbes’ Real-Time Billionaires list, Elon Musk has lost $76.62 billion, Michael Dell of Dell Technologies has lost $19.2 billion, Nvidia’s Jensen Huang has lost $14.8 billion and Mark Zuckerberg of Meta has lost $8.8 billion.