Where does the fortune of Larry Ellison come from?
Lawrence Joseph Ellison is an American businessman and philanthropist who co-founded the Oracle Corporation. He started his studies at the University of Illinois at Urbana Champaign and later moved to the University of Chicago, where he first encountered computer design. While working at Ampex, an electronics company, during the 70’s, Ellison was influenced by a theoretical work about relational databases which led to the founding of Oracle’s predecessor in 1977. Together with Bob Miner and Ed Oates, Ellison’s company developed a database system that competes with Sybase and Microsoft SQL. The big success of Oracle made Ellison become one of the richest persons in the world with an estimated net worth of 68.4 billion us dollars.
How did Ellison’s company Oracle develop?
In June 1977 “Software Development Laboratories” was founded by Larry Ellison, Bob Miner and Ed Oates. The first database system “Oracle” was developed. In 1979 the company was renamed to “Relational Software” and moved to Menlo Park. During the following years the company acquired lots of other tech-based firms that added to its value. One of its most famous acquisitions was “Hyperion”, which they bought for 3.3 billion us dollars in 2007. The merger then was the biggest transaction within the business intelligence market. In 2010 Oracle won a lawsuit against SAP, its greatest rival, due to violation of intellectual property rights, which made SAP paying 1.3 billion us dollars to Oracle. Today Oracle is listed as number 82 in the 2018 fortune 500 ranking with revenues of almost 40 billion us dollars and over 136.000 employees.
Is there a Larry Ellison family office?
Yes, there is. But it’s one of the most secret. “The Lawrence J Ellison Revocable Trust”, based in Walnut Creek, serves as the personal single family office of Larry Ellison. The firm is known to be a venture capital and private equity investor.
How does the Ellison family office invest?
Although there’s not much known about the Lawrence J Ellison Revocable Trust, the company acquired a stake in “Theranos”, a consumer healthcare technology firm, in 2008. In 2019 it became disclosed, that Ellison holds a total of 3 million Tesla shares, making him the second largest shareholder, through his family office. The philanthropic needs are served by the Lawrence Ellison Foundation, which supports basic biomedical research on aging relevant to understanding lifespan development processes and age-related diseases and disabilities.
This article is part of our detailed report “The single family offices of the richest US families“.
Picture source: Taylor Vick.