Oracle founder Larry Ellison is now the world’s fourth-richest person — edging past Microsoft founder Bill Gates — as the company reported a more than 3 per cent annual increase in its 2023 fiscal fourth-quarter net profit.
Mr Ellison, 78, who stepped down as Oracle’s chief executive in 2014, has a net worth of $129.8 billion, according to the Bloomberg Billionaire Index.
This is the first time Mr Ellison has surpassed Mr Gates, whose net worth is currently $129.1 billion. This is also the first time Mr Ellison has been ranked higher than the fifth on the list.
Texas-headquartered Oracle reported a net income of $3.3 billion in three months to May 31, driven by a strong performance in its infrastructure business and cloud services division.
Total quarterly revenues surged 17 per cent year-on-year to $13.8 billion. Cloud services and licence support revenues jumped 23 per cent annually to $9.4 billion.
Oracle’s stock price surged almost 6 per cent to trade at $123.33 a share in pre-market trading on Tuesday. It has increased almost 40 per cent since the start of the year and the company’s market valuation stood at $314.34 billion as of Monday's market close.
The company’s net income for the full 2023 financial year rose 26.8 per cent to $8.5 billion. Its revenue increased 18 per cent to a record $50 billion in the 12-month period.
“Oracle’s revenue reached an all-time high of $50 billion in financial year 2023,” said Oracle chief executive Safra Catz.
“Annual revenue growth was led by our cloud applications and infrastructure businesses which grew at a combined rate of 50 per cent in constant currency."
The company’s infrastructure growth rate has been accelerating — with 63 per cent growth for the full year, and 77 per cent growth in the fourth quarter.
“Oracle’s Gen2 cloud has quickly become the number one choice for running generative AI [artificial intelligence] workloads,” said Mr Ellison.
“Why? Because Oracle has the highest performance, lowest cost GPU [graphics processing unit] cluster technology in the world.”
Oracle Gen 2 cloud infrastructure is a public cloud specifically for enterprise applications and databases. It includes tools and utilities for constructing new cloud-native and mobile apps, all on a unified platform, the company said.
“Cutting edge companies doing LLM [large language model] development … [and] other AI development companies have recently signed contracts to purchase more than $2 billion of capacity in Oracle’s Gen 2 Cloud,” Mr Ellison said.
The company’s operating cash flow stood at $17.2 billion during fiscal year 2023, up almost 80 per cent.
The board of directors also declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on July 12, with a payment date of July 26, Oracle said.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Results
Stage seven
1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24
2. Adam Yates (GBR) Ineos Grenadiers, at 1s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s
General Classification
1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16
2. Adam Yates (GBR) Ineos Grenadiers, at 22s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s
Killing of Qassem Suleimani
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
SPECS
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
