Three months after Larry Ellison briefly became the world’s richest person, a historic slide in Oracle Corp. shares sent his net worth plunging by $24.9 billion.
Oracle shares slumped by 11% Thursday after the cloud-computing provider reported earnings that included a surge in capital expenditures for AI data centers, raising concerns that the spending isn’t being converted into revenue as quickly as investors want. That pushed Ellison, 81, to third place from second on the Bloomberg Billionaires Index.
An Oracle spokesperson declined to comment.
Larry Ellison
Photographer: Aaron Schwartz/Sipa/Bloomberg
Ellison’s paper losses come just as the billionaire has committed to backstopping his son ...
