A year from now, an unlikely tech billionaire could emerge at the top of the global race for the rich. Oracle Chairman Larry Ellison’s fortune in the database software provider’s stock will reach $206.5 billion in a year, according to FactSet, taking into account his current holdings of about 1.1 billion shares Shares and analyst consensus price targets. In terms of stock value alone, ORCL YTD’s year-to-date share price puts him ahead of Amazon executive chairman Jeff Bezos, Tesla CEO Elon Musk and Nvidia CEO Jensen Huang. Oracle shares are up nearly 60% in 2024, on track for its best year since 1999, as the company benefits from an artificial intelligence boom that consumes technology stocks. The stock hit new highs this month following a strong first-quarter earnings report. This briefly made Ellison the world’s richest man after Musk and before Bezos. Kim Forrest, chief investment officer at Bokeh Capital Partners, said: “Larry has an uncanny ability to spot something that’s hot right now, focus on it, and say, ‘This is what we’re going to do. thing’. She previously worked as an industry analyst for the company. “He actually did it this quarter, but I’m not sure what the product line is and why he was selected actually for the future. “Oracle is not the only company performing so hotly. Since the launch of ChatGPT in late 2022, technology stocks have soared on artificial intelligence enthusiasm, and the interest rate cutting environment may bring more profits by lowering borrowing costs and easing loan channels for enterprises. That could be reinvested in growth. That period has already begun, with Amazon’s Bezos poised to make his second-largest fortune from his e-commerce company’s stock after the Federal Reserve cut interest rates on Wednesday for the first time in more than four years. The stock is expected to grow 16% based on the consensus price target, which could boost the former CEO’s wealth by $27.8 billion to $203.9 billion, putting his stock value behind Ellison’s by less than $3 billion. Amazon shares are up about 25% this year. Nvidia, which has led the AI craze sweeping Wall Street, is up 135% after soaring 239% in 2023. That could mean execution. Chang Huang’s stock fortune will see a windfall, with his stake rising by $27.2 billion to $128.7 billion as of Thursday, if Wall Street estimates come true. Musk’s Tesla stake may have fallen nearly 11% to $89.6 billion from about $100.3 billion at the end of the day, as the electric car company has responded to increasing competition and implemented price cuts to boost prices. Demand, Tesla shares have had a rocky road, with the stock down about 4% since the beginning of the year.
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