what to watch for
Musk could soon reclaim his trillionaire status, which he lost after a slump in SpaceX’s stock price and new restrictions on his Tesla shares. He became the world’s first trillionaire following SpaceX’s record-setting initial public offering earlier this month, but shares in the rocket maker briefly dropped below their debut price last week and erased a 41% surge by market close on Friday. Musk’s net worth rose $25.6 billion on Monday as SpaceX shares increased 3.7% and Tesla surged nearly 8%.
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key background
Oracle shares rallied ahead of its earnings report on June 5, when analysts anticipated the company would report more than $660 billion in backlog orders. Ellison’s firm reported quarterly revenue of $19.2 billion and $2.11 earnings per share, beating out analyst expectations, as cloud infrastructure revenue skyrocketed 93%. Vital analyst Adam Crisafulli called Oracle’s sales guidance for fiscal year 2027 “a disappointment,” after the company reiterated earlier estimates of $90 billion in total revenue, noting a similar move from Broadcom “underwhelmed investors too.”
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further reading
ForbesEllison’s Oracle Drops 4% After Guidance ‘Disappointment’—Despite Record SalesBy Antonio Pequeño IV
ForbesLarry Ellison Becomes Second Richest In The World—Surpasses Bezos, Brin And Page In 2 DaysBy Alicia Park