This tech billionaire could be the richest through stock alone a year from now
An unlikely technology billionaire could come out on top in the battle of the world’s richest a year from now. Oracle Chairman Larry Ellison could see his wealth through stock holdings in his database software vendor company hit $206.5 billion in a year, when accounting for his current roughly 1.1 billion-share stake and analysts’ consensus price target, according to FactSet. ORCL YTD mountain Shares this year That would put him ahead of Amazon’ s executive chair, Jeff Bezos, Tesla CEO Elon Musk and Nvidia CEO Jensen Huang in stock value alone. Oracle shares are up nearly 60% in 2024 and on pace for their best year since 1999 as the company benefits from the artificial intelligence boom consuming technology stocks. The shares have notched new highs this month on the heels of a strong fiscal first-quarter report . That briefly positioned Ellison as the richest person in the world behind Musk and ahead of Bezos. “Larry has this uncanny ability to [spot] whatever’s hot at the moment, focus a spotlight on it and say, ‘That’s what we’re going to do,'” said Kim Forrest, chief investment officer at Bokeh Capital Partners. She previously covered the company as an industry analyst. “He actually did it this quarter, but I’m not sure that what the product line is and why he’s being picked actually go with the future.” Oracle isn’t alone in its hot streak. Technology stocks across the board have surged on AI enthusiasm since the late-2022 launch of ChatGPT , and a rate-cutting environment could usher in even more profits by lower borrowing costs and easing loan access so companies can reinvest in growth. That period is already underway after the Federal Reserve implemented its first rate cut in more than four years Wednesday. Amazon’s Bezos would have the second-greatest fortune through stock in his e-commerce company. The shares are slated to grow 16% based on the consensus price target, per FactSet. This could boost the ex-CEO’s fortune by $27.8 billion to $203.9 billion, placing him less than $3 billion behind Ellison in stock value. Amazon shares have gained about 25% this year. Nvidia has dominated the AI craze sweeping Wall Street, boosting shares 135% following a 239% surge in 2023. Analysts project that shares could hit more than $149 over the next 12 months, according to FactSet. That represents more than 26% upside from Thursday’s close. That could mean a windfall for CEO Huang’s stock fortune, lifting his stake by $27.2 billion to $128.7 billion. One billionaire could see his wealth shrink in the coming months should Wall Street’s estimate come to fruition. Musk’s Tesla stake could decline nearly 11% to $89.6 billion from roughly $100.3 billion as of Thursday’s close. Shares of Tesla have weathered a bumpy road in recent months as the electric vehicle company grapples with heightened competition and enacts price cuts to shore up demand. The stock is down about 4% since the start of the year.
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