Larry Ellison is known for his extravagant spending, which includes buying 98% of the Hawaiian island of Lanai, buying a yacht for USD 194 million, and investing hundreds of millions in luxury real estate in Malibu.
Larry Ellison, the billionaire founder of Oracle, has just risen to second place on the Forbes list of the world’s richest people, with his net worth now estimated at $202.8 billion. This surge in wealth followed a significant increase in Oracle’s stock price, making Ellison one of the richest people in the world. Earlier in September, he was ranked fifth, but Oracle’s stock reached an all-time high on September 10, pushing him up the rankings.
Ellison, born in the Bronx district of New York in 1944 to an unmarried mother, faced health problems in childhood, prompting him to move to Chicago to live with his aunt, who later adopted him. Despite attending the University of Illinois and the University of Chicago, Ellison dropped out of both institutions without completing his degree. His career took off in California, where he started as a computer programmer and eventually went on to found Oracle, a cloud technology solutions provider and enterprise.
The birth of the Oracle
Larry Ellison, along with two partners, launched Software Development Laboratories in 1977. Over the years, the company went through several name changes, finally becoming Oracle Systems Corp. in 1982.
Oracle’s journey was not without its challenges; in 1990, the company faced a significant setback, reporting a loss of USD 36 million in one month. Despite these difficulties, Ellison successfully navigated Oracle through difficult times, building it into a global leader in technology solutions. After nearly four decades as CEO, Ellison stepped down in 2014, assuming the roles of chairman and chief technology officer.
The key to their early success was winning a USD 50,000 contract from the US Central Intelligence Agency (CIA) in 1978 to develop a relational database management system (RDBMS), a project code-named Oracle. When Oracle 2, the first commercial relational database, was released in 1979, the CIA was among the earliest customers. In renaming the Software Development Laboratory in 1983, Ellison took the name Oracle from this initial contract for the CIA.
Beyond Oracle, Ellison has left his mark on notable endeavors. He served on Tesla’s board of directors from 2018 to 2022, further establishing his influence in the technology industry.
Ellison’s legacy also extends into the entertainment industry through his son, David Ellison, who runs Skydance Media, a prominent film production company. David recently signed an agreement with Paramount to establish New Paramount, where he will serve as CEO.
Larry Ellison’s children
Larry Ellison’s children have also made a significant mark in taking the fortune ahead. His son, David Ellison, owns Skydance Media, a successful film production company, and has built New Paramount through a deal with Paramount, where he will be CEO. His daughter, Megan Ellison, is a producer at Annapurna Pictures, a production company known for critically acclaimed films, some of which have received Oscar nominations. Both David and Megan have built huge fortunes and reputations in Hollywood through their respective businesses, according to a report on en.as.com.
Larry Ellison’s Net Worth
As of August 31, 2024, Larry Ellison ranks sixth on Bloomberg’s list of the world’s richest people, with a net worth of $156 billion. Ellison is famous for his extravagant spending, which includes buying 98% of the Hawaiian island of Lanai, buying a yacht worth USD 194 million, and investing hundreds of millions in luxury real estate in Malibu, California. Among his notable properties is a California estate modeled after 16th-century Japanese feudal architecture, reflecting his penchant for unique and luxurious investments.
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