‘I’m a millionaire today’: Oracle’s stock rally mints new millionaires; young techies in India reap windfalls too

Oracle’s stock market rally has not only reshaped billionaire rankings but also transformed the fortunes of its workforce. On 10 September, shares in the enterprise software major surged 36%, the biggest one-day jump since 1992, after it unveiled multi-billion-dollar AI cloud deals. The rally lifted Oracle’s market cap to $933 billion and briefly made co-founder Larry Ellison the world’s richest person, surpassing Elon Musk.The stock leap has minted hundreds of new millionaires among Oracle staff, largely thanks to restricted stock units (RSUs) embedded in their compensation packages. “Holy S$$$, I’m a millionaire today!” one user posted on professional community app Blind, as cited by ET. Another 25-year-old engineer in Bengaluru, who joined in 2022, now values his portfolio at Rs 1.5 crore following the surge. A fresher from the 2024 batch of graduates was offered Rs 60 lakh annually, plus RSUs of equal worth. Those shares, currently valued at Rs 1.25 crore, may exceed Rs 2 crore by 2027, ET reported.The euphoria is not confined to India. A 33-year-old product manager in San Jose, who joined in 2019, told ET his stock holdings had quadrupled since receiving RSUs at $55 a share.

“Well! I’m a millionaire,” he admitted, adding that the windfall had renewed his motivation rather than pushing him toward early retirement.For Ellison, Oracle’s rally added around $100 billion to his net worth within minutes of markets opening, as per AP. Though Musk reclaimed the top spot later in the day, the switch highlighted how Oracle’s cloud momentum has challenged Tesla’s recent struggles. Tesla shares have fallen 14% this year, and Musk has been battling slowing EV sales in Europe and the US.Oracle meanwhile disclosed that it had secured over $300 billion in contracts with companies including OpenAI, Meta, Nvidia, and Musk’s own xAI. Its order book has swelled to $455 billion, with chief executive Safra Catz expecting it to top $500 billion soon, according to ET.Ellison told investors, “AI changes everything,” noting that Oracle’s revenue from cloud infrastructure is forecast to soar from $18 billion this fiscal year to $144 billion in four years, AP reported.The optimism is also visible inside the company. “Suddenly, there is a spike in optimism at Oracle, layoffs are a thing of the past,” a Hyderabad-based engineer said.