Larry Ellison, the founder and former CEO of Oracle Corporation, stands as one of the wealthiest individuals in the world. With a staggering net worth of $208 billion as of 2024, Ellison’s entrepreneurial brilliance and strategic investments have positioned him among the most influential figures in technology and business. This article delves into the multifaceted journey of Larry Ellison, his financial empire, personal life, and remarkable assets.
Early Life and Rise to Success
Larry Ellison was born on August 17, 1944, in New York City. He was raised by his aunt and uncle on the South Side of Chicago after being given up for adoption by his biological mother. Ellison’s early years were marked by challenges, but his natural curiosity and ambition eventually led him to pursue studies at the University of Illinois and later the University of Chicago, though he did not graduate from either institution. His fascination with computing took root during this time, setting the stage for his future achievements.
In 1977, Ellison co-founded Oracle Corporation with Bob Miner and Ed Oates. The company initially aimed to develop a commercial relational database management system, an idea inspired by a research paper from IBM. Oracle went public on March 12, 1986, a day before Microsoft’s IPO, with Ellison owning 39% of the company. Today, Oracle is a global powerhouse in software and cloud solutions, and Ellison remains a key figure as its chairman and chief technology officer.
Net Worth and Financial Milestones
As of 2024, Larry Ellison’s net worth is an astounding $208 billion, making him one of the richest people in the world. He derives most of his wealth from his 42% ownership stake in Oracle. Over the years, he has earned approximately $12 billion through Oracle stock sales and dividends. His wealth was briefly impacted in the 1990s during an antitrust investigation involving Microsoft, but Oracle’s recovery solidified his financial dominance.
Ellison also holds a 1.5% stake in Tesla, acquired in 2018 for $1 billion. His shares grew exponentially following Tesla’s 5-to-1 stock split in 2020, and at their peak, were valued at over $15 billion. Ellison’s position as a board member of Tesla until August 2022 further emphasized his connection to innovative ventures.
Personal Life and Philanthropy
Larry Ellison’s personal life has been marked by four marriages and two children. His most recent marriage was to romance novelist Melanie Craft, which lasted from 2003 to 2010. Ellison’s children, David and Megan Ellison, are successful film producers, with works like Mission: Impossible and Zero Dark Thirty to their credit. Ellison’s close relationship with Apple co-founder Steve Jobs was highlighted during his marriage to Craft, where Jobs served as the wedding photographer.
Philanthropy is another significant aspect of Ellison’s legacy. He has donated over $400 million to various causes, including a $200 million gift to the University of Southern California for the Lawrence J. Ellison Institute for Transformative Medicine. A signatory of The Giving Pledge, Ellison has committed to donating the majority of his wealth to charitable causes.
Real Estate and Luxury Assets
Ellison’s real estate portfolio is unparalleled, featuring properties across the globe. His primary residence is a 45-acre estate in Woodside, California, modeled after a 16th-century Japanese estate. The property includes a main house, a man-made lake, waterfalls, and multiple cottages, and is valued at over $200 million.
In addition to his California estate, Ellison owns properties in Malibu, Lake Tahoe, San Francisco, and Rhode Island. Notable acquisitions include the Astor family mansion in Newport, Rhode Island, and a $175 million estate in Palm Beach, Florida, called Gemini. His 2012 purchase of 98% of the Hawaiian island of Lanai for $300 million underscores his penchant for unique investments. On Lanai, Ellison has invested $500 million in infrastructure, including a luxury hotel and a state-of-the-art movie theater.
Other Assets and Hobbies
Ellison is an avid sailor and owns the Indian Wells Tennis Garden in Coachella, California, along with the Indian Wells Masters Tournament. His Oracle Team USA won the America’s Cup in 2010 and 2013. Additionally, Ellison has owned luxury yachts, including the Rising Sun, which he sold to David Geffen in 2010.
Ellison’s passion for aviation is reflected in his ownership of several aircraft, including a Gulfstream G650 and decommissioned military fighter jets like a Soviet MiG-29. His purchase of Island Air, a Hawaiian airline, further demonstrates his varied interests.
Tax Strategy and Financial Acumen
Ellison’s decision to relocate his primary residence from California to Florida was a strategic move to avoid California’s 13% state income tax. With Oracle dividends providing $1.7 billion annually, this shift saves Ellison approximately $230 million in taxes each year. His $80 million Palm Beach mansion paid for itself in tax savings within months of his move.
Conclusion
Larry Ellison’s extraordinary life and career epitomize the intersection of innovation, ambition, and strategic foresight. From founding Oracle to amassing one of the world’s most impressive real estate portfolios, Ellison’s impact spans technology, philanthropy, and luxury living. As he continues to influence global industries and charitable causes, Ellison’s legacy remains a testament to what vision and determination can achieve.