On November 23rd, driven by the artificial intelligence boom, Oracle’s stock price surged in September, briefly propelling Larry Ellison to become the world’s richest man. However, the stock price continued to decline thereafter, not only giving up all previous gains, but also further falling, causing Ellison’s personal net worth to shrink by as much as $130 billion
The significant correction in Oracle’s stock price has caused Larry Page, co-founder of Google’s parent company Alphabet, to surpass Ellison for the first time and jump to second place in the Bloomberg Billionaires Index.
52 year old Page served as Google’s CEO twice until the company was restructured into Alphabet. Its current net assets reach 256.9 billion US dollars (equivalent to approximately 1.83 trillion yuan in current exchange rate), setting a new personal historical high; But it still lags behind Elon Musk, who tops the list with $421.8 billion (about 3 trillion yuan at the current exchange rate). At the age of 81, Ellison slipped to third place with a net worth of $253.3 billion (equivalent to approximately RMB 1.8 trillion in current exchange rates).
On September 10th, Austin based Oracle announced a surge in demand for its AI related cloud infrastructure business, driving its stock price up 36% in a single day and bringing $89 billion in asset appreciation to Ellison, setting a record for the largest single day increase in Bloomberg Wealth Index history.
However, this increase was completely erased after only two months. Oracle’s artificial intelligence strategy heavily relies on OpenAI and hopes to generate hundreds of billions of dollars in revenue through cooperation with OpenAI in the coming years, far exceeding the latter’s current actual revenue level.
At the same time, the market is also concerned about Oracle’s increasing reliance on debt financing: the company is preparing to issue a total of $38 billion (about 270.355 billion yuan in current exchange rate) in bonds to invest in the construction of artificial intelligence data centers; And its adjusted net debt has approached 100 billion US dollars (with a current exchange rate of approximately 711.46 billion yuan). Since the stock price peaked in September, Oracle has closed down for six consecutive weeks, with a cumulative decline of 39% from its historical high. Its closing price on Friday was $198.76.
On the other hand, Alphabet’s stock price has risen by 58% so far this year (including a daily increase of 3.5% last Friday), mainly due to its Gemini artificial intelligence model receiving a lot of positive reviews, reigniting market expectations for its position in competition with rivals such as Anthropic and OpenAI. According to Bloomberg Wealth Index statistics, Page’s personal net worth has increased by $88.6 billion since 2025.
It is worth noting that neither Page nor Sergey Brin, another 52 year old co-founder of Alphabet, currently hold any operational positions within the company. But earlier this year, Breen stated at a meeting that he plans to return to the company in the future and take on more practical job responsibilities. Currently, Brin ranks fifth on Bloomberg’s billionaire list with a net worth of $239.9 billion.
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