Oracle Shares Plunge: Larry Ellison Falls to No. 3 on Billionaires List as Larry Page Rises to Second

Oracle founder Larry Ellison has seen a dramatic decline in his net worth after several weeks of sharp stock losses. His wealth has dropped by $130 billion, pushing him from No. 2 to No. 3 on the Bloomberg Billionaires Index. Meanwhile, Google co-founder Larry Page has risen to second place with $256.9 billion, trailing only Elon Musk.

The reversal is striking given that just two months ago, Oracle shares surged 36% in a single day in September on optimism surrounding AI cloud demand. Ellison’s wealth jumped $89 billion that day, briefly making him the world’s richest person. However, Oracle shares have since fallen 39% from their peak, marking six consecutive weeks of decline, closing most recently at $198.76.

Investor sentiment deteriorated as concerns grew over Oracle’s AI roadmap. The company’s adjusted net debt is nearing $100 billion, the highest in its history. Oracle’s AI revenue expectations rely heavily on OpenAI, yet many analysts argue that projections of “hundreds of billions in future revenue” lack verifiable support.

Since Oracle announced a $300 billion compute-power partnership with OpenAI, the company’s market value has dropped by over $300 billion. Demand for Oracle credit-default swaps has climbed, signaling rising credit-risk hedging among investors.

In contrast, Google is enjoying strong momentum. Thanks to positive reception of the new Gemini 3 model, Google shares are up 58% year-to-date, and rose another 3.5% in the latest trading session. Analysts note that Gemini 3’s enhanced reasoning and generative capabilities could narrow Google’s competitive gap in large AI models.

Larry Page, who owns about 6% of Google, has added $88.6 billion to his wealth in 2025. Co-founder Sergey Brin has also benefited, ranking No. 5 with $239.9 billion. Elon Musk remains firmly in the No. 1 spot with $421.8 billion.