Larry Ellison became the world’s third-richest person once again on Friday, overtaking Amazon founder Jeff Bezos, after Oracle shares climbed following news that TikTok reached an agreement with the company and other U.S. investors to form a new joint venture for its American operations.
Key facts
Oracle shares jumped 6% to about $190.90 as of 10:30 a.m. EST, after rising as much as 4% in premarket trading.
TikTok reportedly signed a deal Thursday under which Oracle, private equity firm Silver Lake, and Abu Dhabi-based investment company MGX would collectively own roughly 45% of TikTok’s U.S. business, ending a prolonged bidding war as the app faced the threat of a nationwide ban.
The transaction is expected to close on January 22, one day before TikTok’s deadline to divest 80% of its U.S. assets to a U.S.-approved entity.
Forbes valuation
Ellison is now the third-wealthiest person in the world, with an estimated net worth of $244.8 billion, after adding roughly $15 billion on Friday. The Oracle chairman—who briefly ranked as high as No. 2 after becoming only the second person ever to reach a $400 billion fortune in October—has slipped up and down the rankings in recent weeks amid volatility in Oracle’s stock. He now ranks ahead of Bezos, whose net worth is estimated at $239 billion, and just behind Google cofounder Larry Page, estimated at $250.1 billion. Elon Musk remains the world’s richest individual, with an estimated net worth of $680.4 billion.
Big number
$14 billion. That’s the estimated valuation of TikTok’s new U.S.-based company, according to Vice President JD Vance in September.
Key background
Oracle emerged earlier this year as a leading contender for TikTok’s U.S. business, amid reports it would oversee user data stored at its Texas facilities under a newly formed American entity. President Donald Trump extended the deadline multiple times for ByteDance to divest TikTok’s U.S. operations or face a ban, and previously said the app would be acquired by a group of U.S. companies and investors, including Microsoft and what he described as “very wealthy people.”
Congress passed legislation in April 2024 authorizing a TikTok ban, citing bipartisan national security concerns. Forbes has previously reported allegations that TikTok spied on journalists, promoted Chinese state-linked content, mishandled user data, and tracked sensitive keywords.
