Larry Ellison is $15 billion richer after Oracle’s best day on stock market since 2021
Larry Ellison, founder and former CEO of Oracle Inc. watches a training race from a motor boat ahead of the America’s Cup World Series sailing competition on the Great Sound in Hamilton, Bermuda, October 16, 2015.
Mike Segar | Reuters
Oracle founder Larry Ellison notched a $15 billion gain on Tuesday after shares of his software company had their best day in over two years and closed at a record.
Ellison, who started Oracle in 1977, remains the company’s biggest shareholder with a stake valued at roughly $146 billion after the latest pop. He’s the fifth-wealthiest person in the world, according to Forbes, just behind Meta CEO Mark Zuckerberg and ahead of Warren Buffett.
Oracle shares soared 12% to close at $127.54, after the software vendor reported fiscal third-quarter earnings that beat analysts’ expectations. Revenue in the company’s cloud services and licenses support segment climbed 12%, topping estimates.
While Oracle was late to cloud infrastructure and has been on the fringes of the latest artificial intelligence boom, increased demand for the company’s AI technology is allowing Ellison to tout his company’s expansion in the hottest market in the industry.
“We’re building an AI data center in the United States where you can park eight Boeing 747s nose-to-tail in that one data center,” Ellison, who still operates as Oracle’s chief technology officer, said on the earnings call. “We are building large numbers of data centers and some of those data centers are smallish, but some of those data centers are the largest AI data centers in the world.”
Over the past year, Oracle shares have now spiked 52%, lifting Ellison’s worth by about $50 billion. The stock has outperformed the S&P 500, which has gained 34% in the past 12 months.
Unlike Amazon’s Jeff Bezos, Larry Ellison has been hanging onto all his stock rather than selling off chunks. According to FactSet, Ellison’s last transaction in Oracle stock was a purchase of 7,000 shares in 2022, and he hasn’t sold any since 2016.
Bezos has sold over 50,000 Amazon shares this year. Most recently, in mid-February he unloaded more than 14 million shares of his company valued at roughly $2.4 billion.
Courtesy: Uber Eats
Uber said Monday that Pierre-Dimitri Gore-Coty, one of the company’s longest-tenured top executives and the head of is delivery business is leaving after almost 13 years.
Gore-Coty joined Uber as a general manager in France in 2012, and worked his way up to become vice president of mobility for the Europe and Middle East region four years later, according to his LinkedIn profile. He was named senior vice president of delivery in 2021.
“It’s hard to imagine Uber without Pierre, because there hasn’t been much Uber without Pierre,” CEO Dara Khosrowshahi said in a statement that was part of a regulatory filing. “As one of our first employees, he was a driving force behind our global Mobility expansion and stepped up to run Uber Eats just weeks before the first Covid lockdowns.”
The company didn’t say what Gore-Coty plans to do next.
Uber also said that Andrew Macdonald, the company’s senior vice president of mobility and business operations, will become chief operating officer, reporting to Khosrowshahi. Macdonald, 41, will oversee the company’s global mobility, delivery and autonomous businesses in addition to “key cross-platform functions like membership, customer support, safety, and more,” the filing said.
Gore-Coty is one of 11 people listed on Uber’s executive team page. Macdonald is the only one who has worked at the company longer. He joined in May 2012, four months before Gore-Coty, according to LinkedIn.
“These last nearly 13 years have been the ride of a lifetime,” Gore-Coty said in the statement. “It was a true team effort, and I’m so proud of what we’ve built and the impact we’ve had on daily life in cities around the world.”
Uber shares were little changed in extended trading after closing on Monday at $83.64. The stock is up 39% this year, while the Nasdaq is about flat.
Last month, the company reported first-quarter results that beat on earnings but missed on revenue. A month earlier, the Federal Trade Commission sued Uber, alleging that the company engaged in “deceptive billing and cancellation practices” related to its Uber One subscription service.
In an interview with CNBC’s “Squawk Box,” Khosrowshahi characterized the lawsuit as “a bit of a head-scratcher for us.”
WATCH: Record earnings and policy uncertainty will slow the equity rally.
Packages with the logo of Amazon are transported at a packing station of a redistribution center of Amazon in Horn-Bad Meinberg, western Germany, on Dec. 9, 2024.
Ina Fassbender | Afp | Getty Images
German antitrust regulators warned Amazon on Monday that the company’s pricing mechanisms for third-party sellers could run afoul of competition laws.
The Federal Cartel Office said in its preliminary assessment that Amazon’s pricing controls limit the visibility of merchants’ products and, “based on non-transparent marketplace rules,” interfere with their freedom to set prices.
Amazon uses algorithms and statistical models to calculate certain price caps for products, the Cartel Office said. Products that are flagged as having “prices that are too high” or “prices that are not competitive” can then be demoted in search results, excluded from advertising or removed from the buy box, they added.
The buy box is the listing that pops up first when a visitor clicks on a particular product, and the one that gets purchased when a shopper taps “Add to Cart.”
“Competition in online retail in Germany is largely determined by Amazon’s rules for the trading platform,” Federal Cartel Office President Andreas Mundt said in a statement. “Since Amazon competes directly with other marketplace retailers on its platform, influencing competitors’ pricing, even in the form of price caps, is fundamentally questionable from a competition perspective.”
Amazon’s pricing practices not only threaten sellers’ businesses, but could also harm other retailers by deterring them from offering lower prices, the Cartel Office said.
An Amazon spokesperson said the company strongly disagrees with the Cartel Office’s preliminary findings. They added that any changes to Amazon’s pricing mechanisms would be “bad for customers and selling partners.”
“If Amazon is prevented from helping people find competitively priced offers, it will lead to a bad shopping experience for them, as we’d need to promote uncompetitive or even abusive pricing in our store,” the spokesperson said in a statement. “This would mislead customers into thinking they’re getting good value when, in reality, they’re not.”
Amazon can provide feedback to the Cartel Office on its preliminary assessment before it reaches a final decision.
Amazon in 2022 reached a deal with European Union antitrust regulators who were investigating its use of seller data and buy box practices. As part of the settlement, Amazon agreed to display a second buy box on products sold in Europe when there is a second competing offer that’s different on price or delivery.
The U.S. Federal Trade Commission is also probing Amazon’s use of pricing algorithms on its sprawling third-party marketplace as part of a wide-ranging antitrust lawsuit filed in 2023. Amazon has said the FTC’s complaint is “wrong on the facts and the law.”
The case is set to go to trial in October 2026.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway