Oracle's biggest loss in 21 years, Larry Ellison lost Rs 1.20 lakh crore - Newztezz Online


Wednesday, September 13, 2023

Oracle's biggest loss in 21 years, Larry Ellison lost Rs 1.20 lakh crore

Due to weak estimates regarding revenue, Oracle's shares have seen the biggest decline after 21 years. The wealth of Larry Ellison, owner of Oracle company and the world's fourth richest businessman, declined by Rs 1.20 lakh crore.

Shares of Oracle, one of the world's biggest tech companies, closed with a decline of about 14 percent. The biggest decline in the company's shares has been seen after 21 years. According to foreign media reports, the decline in the company's revenue and lower than expected growth in revenue in the coming months has led to a decline in the stock. Due to the fall in Oracle's shares, the wealth of company founder Larry Ellison has seen a decline of more than 10 percent. After which he has slipped from the fourth richest businessman in the world to the fifth position. Let us also tell you what kind of report has come out regarding the company's revenue. Also, how much the wealth of the founder of Oracle has reduced.

Company's shares declined by 14 percent

First of all, let us talk about the decline in the company's shares. According to New York Stock Exchange data, the company's shares closed at $109.61 with a decline of 13.50 percent. The company's shares have seen a decline of 11 percent in the last five days and more than 5 percent in a month. If we talk about today, the company's shares fell by more than 15 percent during the trading session and reached $107.30. If experts are to be believed, the company's shares may fall further in the coming trading session.

Biggest fall after 21 years

This is the biggest decline in Oracle's shares in 21 years. Last time in March 2002, during the dot-com recession, a huge decline of 15 percent was seen in the company's stock. After that such a huge decline in the company's shares was never seen. The effect of the company's decline has been seen in the shares of two more tech companies of the world. Where the shares of Google's parent company Alphabet have fallen by more than one percent. Whereas Microsoft's shares have declined by about 2 percent.

Oracle founder's wealth booms

Due to the fall on Tuesday, Oracle Chairman Larry Ellison has suffered a loss of approximately $ 14.6 billion i.e. Rs 1.21 lakh crore in net worth. According to the report of Bloomberg Billionaires Index, at present his total wealth has come to 126 billion dollars. Before this he was the fourth richest businessman in the world. After this decline, he has come down to fifth position, lagging behind Bill Gates. By the way, Bill Gates' wealth is 129 billion dollars. Warren Buffet is at 6th position. Who have a total of 123 billion dollars.

Why did the shares fall?

According to LSEG, Oracle's earnings fell short of expectations. According to the report, the company got 12.45 billion dollars in this quarter. Which is less than the estimate of $12.47 billion. Even for the current quarter, Oracle did not present any specific estimate. Oracle said that the revenue for the current quarter could be 5 to 7 percent, which is less than the average estimate of 8 percent.

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