big number
$494 billion. That’s how much Oracle’s market valuation has fallen since peaking at $877.1 billion in September, falling to about $383 billion as of Monday. The company was valued at roughly $649 billion at the end of May.
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tangent
Musk’s net worth Monday dropped below $900 billion for the first time since before SpaceX’s initial public offering, as the rocket maker’s shares dropped more than 5%. The latest selloff in SpaceX shares cut $45.7 billion from Musk’s wealth, now valued at $871.6 billion.
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key background
Oracle, like its competitors, has ramped up efforts to develop its cloud and AI offerings. The company’s stock briefly rallied ahead of its latest earnings report in early June, when Wall Street anticipated more than $660 billion in backlog orders as a signal that Oracle’s aggressive buildup strategy was successful. Ellison’s firm, despite beating out quarterly revenue and earnings projections, disappointed as Vital analyst Adam Crisafulli called Oracle’s sales guidance for fiscal year 2027 a “disappointment.” Crisafulli pointed to Oracle reiterating prior guidance of $90 billion in total revenue for the year, arguing a similar move from Broadcom not to raise projections “underwhelmed investors too.”
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further reading
ForbesLarry Ellison’s Net Worth Plunges $100 Billion Amid Oracle Slide—Falling Below Zuckerberg As World’s Seventh RichestBy Ty Roush