In Major Victory For Schadenfreude, Larry Ellison Loses $1.6B In One Day

Happy Weekend!
Author:
Publish date:

Because we like our readers, we try to make a point of sending you into the weekend with some good news.

Luckily for us, Forbes had this little heartwarming tale all wrapped up and ready-to-go...

Oracle founder and chairman Larry Ellison lost $1.6 billion Thursday as the stock market reacted to a whistleblower lawsuit filed against his software giant on Wednesday. 

That'll put a crimp in the ol' yachting budget.

How did Larry get punk'd, you ask?

A former Oracle employee claims that she was fired after speaking up about incorrect accounting at Oracle Cloud Services, according to a complaint filed in the U.S. District Court in San Francisco.
After the news broke Wednesday night, Oracle stock dropped in after-hours trading and opened Thursday down nearly 4% from yesterday. The stock hit a low of $38.08 around noon Eastern and closed at $38.66, ending the day as it started, off 4%. Because the bulk of Ellison’s net worth is in Oracle stock, a small drop in the stock can impact his net worth by billions of dollars.

You like that? We're glad.

Unfortunately it's not all sunshine...

Ellison ended the day with a $48.1 billion fortune, holding on to his rank as the world’s seventh richest person despite losing $1.6 billion.

But hey, $1.6 billion, in a day.

Larry Ellison's Net Worth Drops $1.6 Billion After Former Oracle Employee Files Whistleblower Lawsuit [Forbes]

Related