Arya News - Larry Ellison, co-founder of US database giant Oracle, lost $24.9 billion in a single day after the company`s shares fell nearly 11%, moving him from second to third place among the world`s richest people, the Bloomberg Billionaires Index (BBI) showed on Friday.
On Thursday, Oracle shares dropped 10.83% to $198.85 per share. In pre-market trading on Friday, the stock fell another 0.88% to $197.10. The sell-off followed a weaker-than-expected earnings report, which showed Oracle"s quarterly revenue, including revenue from its cloud computing division, falling short of analyst"s forecasts. As a result, Ellison"s net worth declined by $24.9 billion in one day to $258 billion, pushing him down to third place in the global billionaire rankings. Google co-founder Larry Page took the second place with $268 billion, while US billionaire entrepreneur Elon Musk remained at the top of the list with $462 billion. Founded in 1977 and headquartered in Austin, Texas, Oracle is one of the world"s largest software companies.