Larry Ellison on Monday became the world’s eighth-richest person, falling behind Nvidia’s Jensen Huang as a monthlong selloff has nearly halved the Oracle chairman’s fortune amid growing concerns about the cloud giant’s AI spending.
The Oracle chairman’s fortune has been cut by around $125 billion over the last month.
Shares of Oracle plunged more than 5% as of Monday afternoon to below $133, extending a 47% decline since an intraday high of $250 on June 1.
Ellison—who holds about 40% Oracle equity—had his net worth cut by $8 billion, to $175.2 billion, ranking him directly behind Huang ($176.3 billion), whose fortune was reduced by $6 billion following a 3.4% dip in Nvidia shares, according to Forbes’ estimates.
That marks a $124.8 billion decline in Ellison’s wealth since it eclipsed $300 billion on June 1, when he ranked the world’s second-richest person, behind Elon Musk.
