Tech billionaires Jeff Bezos (Amazon founder) and Larry Ellison (Oracle co-founder) have been trading places as the world’s second richest person on Forbes’ billionaire list, marking the latest exchange of the title between the two since September.
Updated Financial Situation
As of 3:30 PM EST today, Ellison’s estimated net worth reached $228.4 billion, narrowly surpassing Bezos’ net worth of $227.3 billion, placing him behind Elon Musk (Tesla CEO) – the world’s richest person with $299.9 billion. However, Ellison’s net worth dropped by $2.9 billion today as Oracle shares fell by over 1%, while Bezos lost $1.8 billion as Amazon shares also declined more than 1%, tempering the gains the company made in the first hour of trading today.
The Bezos-Ellison Rivalry
Bezos and Ellison have swapped places as the second richest person in Forbes’ billionaire list for several weeks, with Ellison claiming the spot in September amid a rally in Oracle shares, and Bezos regaining it earlier this month after Amazon reported positive earnings.
Additional Information
Mark Zuckerberg, Meta co-founder, has maintained his position as the world’s fourth richest person with $199.1 billion, staying outside the rivalry between Bezos and Ellison, as Meta shares have failed to replicate the gains seen by Oracle and Amazon in the past month. Meta’s stock has decreased by more than 2% during this period.
Key Context
Ellison, Bezos, and other billionaires like Musk and renowned investor Warren Buffett saw their net worths surge following the 2024 election. Ellison became $12 billion richer post-election, while Bezos saw an increase of $7 billion. Oracle’s stock has surged more than 77% this year, as the company reported a 21% increase in net income in its latest earnings report, surpassing analyst expectations. Amazon’s stock is up nearly 40% since January when it was trading at $149.43 per share. Amazon has been implementing cost-cutting measures since its share price plummeted in 2022, laying off more than 27,000 employees and recently reporting $158.9 billion in revenue—$1.7 billion above analysts’ expectations.
