After the software manufacturer reported poor revenue and provided weaker-than-expected guidance, Oracle shares plunged more than 12% on Tuesday and were on track to have their worst day in more than 20 years.
A 15% decline in March 2002, at the height of the dot-com bust, was the last time it saw a greater percentage decline.
Larry Ellison, the chairman of Oracle, lost over $18 billion in value on Tuesday as a result of the decline. With a net worth of $142.5 billion, Ellison is the fourth-richest person in the world, only behind Amazon founder Jeff Bezos and in front of Warren Buffett.
The business posted fiscal first-quarter revenue of $12.45 billion, falling shy of the $12.47 billion average analyst estimate, according to LSEG, even though Oracle’s earnings above expectations. Oracle forecast a 5% to 7% gain in sales for the current quarter, missing the average analyst estimate of 8%.