Oracle founder Larry Ellison Lost Almost $25 billion in a Day

The fortune of the founder of Oracle Corp. Larry Ellison's stock dropped by almost $25 billion in a day due to the historic drop in the company's shares. Bloomberg writes about this on December 12.

According to the agency, the drop in Oracle shares occurred after the earnings report, which included a sharp increase in costs for data centers for artificial intelligence (AI). So, the shares fell by 11%, which led to losses for Ellison in the amount of $ 24.9 billion.

"This has raised concerns that these expenses are not being converted into revenue as quickly as investors would like," the material says.

Larry Ellison became the richest man in the world in September, when his fortune grew by $101 billion, which allowed him to briefly surpass American entrepreneur Elon Musk in the ranking. He is currently in the third position.

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