Larry Ellison, founder of Oracle, has recently suffered a massive wealth decline. His fortune has evaporated by a total of $130 billion amid weeks of consecutive stock price plunges, dragging his ranking on the Bloomberg Billionaires Index down from second to third globally. Meanwhile, Larry Page, co-founder of Google, climbed to second place worldwide for the first time with assets of $256.9 billion, second only to Elon Musk.
The reversal is particularly dramatic. Just two months ago, Oracle’s stock price surged 36% in a single day in September. Fueled by optimistic expectations of soaring demand for AI cloud infrastructure, Ellison’s wealth jumped by $89 billion in one day, briefly pushing him past Musk to become the world’s richest person. However, the good times were short-lived. Oracle’s stock has since fallen 39% from its all-time high, declining for six consecutive weeks, with the latest closing price at $198.76.
The core reason for the sharp shift in market sentiment lies in growing investor concerns about Oracle’s AI layout. Oracle’s adjusted net debt has approached $100 billion, a record high in debt pressure. Its AI revenue expectations are highly dependent on OpenAI, and the market generally believes Oracle’s bet on OpenAI contributing “hundreds of billions of dollars in revenue” in the next few years lacks verifiability.
Since Oracle announced a $300 billion computing power partnership with OpenAI, its market value has dropped by more than $300 billion. Demand for credit default swaps (CDS) has continued to rise, reflecting investors hedging against risks from Oracle’s debt expansion.
In stark contrast is Google’s performance. Benefiting from positive market reviews of its new model Gemini 3, Google’s stock price has risen 58% so far this year and climbed another 3.5% in the latest trading session. Multiple institutions note that Gemini 3 has significantly improved reasoning capabilities and generative performance, which is expected to further narrow the gap between Google and major competitors in large model performance.
Larry Page holds approximately 6% of Google’s shares, and his assets have increased by $88.6 billion in 2025. Co-founder Sergey Brin also had a fruitful year, ranking fifth globally with $239.9 billion. Musk remains the world’s richest person with $421.8 billion.