Larry Ellison: The Billionaire Tech Magnate
The tech world is filled to overflowing with innovative entrepreneurs and thought-leaders, but one individual stands out amongst the rest — Larry Ellison, the billionaire tech magnate. Ellison has experienced an epic mostly-upward trajectory in his short 78 years, coming from humble beginnings to become one of the world’s wealthiest and most influential individuals.
Early Life and Education
Larry Ellison was born on August 17th, 1944, in the Bronx borough of New York City, New York. When he was just nine months old, his single mother moved their family to Chicago before eventually relocating to California. There his mother, Florence Spellman, married Lou Ellison and adopted his surname.
Ellison’s early years were far from easy, with his stepfather becoming an angry, violent alcoholic. His mother worked hard and scrimped together enough money for Ellison to attend college, where he attended the University of Chicago and the University of Illinois at Urbana Champagne, ultimately graduating from the University of Chicago in 1966 with a Bachelor of Science degree in Physics and Mathematics
Early Career
After graduating, Ellison struggled to find full-time employment in physics or mathematics. He did manage to land a job at Amdahl Corporation as a computer programmer, however his career prospects didn’t improve. He applied unsuccessfully for a position at Honeywell and was on the brink of quitting when he received a call from Ampex Corporation asking him to join their team.
Although Ellison enjoyed his job as a senior programmer, he yearned for the opportunity of a lifetime. After seeing graph theorist Edgar F. Codd’s paper on the relational Model Database System, Ellison set his sights on developing a database system to market.
Founding Oracle
In 1977, Larry Ellison founded Oracle with Robert Miner and Ed Oates. They created the company’s first product: the Oracle Database. After the software was released, businesses quickly identified its value and began adopting it for use in large and small companies alike.
In its early years, Oracle floated public offers, resulting in rapid growth and acclaim from the tech world. Ellison worked up to twelve hours a day on the company, ensuring resources were deployed effectively and efficiently. In 1993, Oracle secured a contract with the Central Intelligence Agency, generating the funds necessary to launch Oracle VMS.
Over the years the Oracle Database has become the market leader, securing more than $10 billion annually. In July 2018, Oracle reported $8.5 billion revenue, topping Microsoft’s revenue for the second quarter in a row.
Notable Achievements
Since the founding of Oracle, Larry Ellison’s wealth has skyrocketed and his achievements have been many. Though primarily known for his tech savvy, Ellison has extended his influence outside the tech world, making considerable political and philanthropic contributions.
Philanthropic Contributions
Ellison is a major supporter of medical research, donating substantial sums of money to both the Ellison Institute for Transformative Medicine and the Lawrence J. Ellison Foundation. The Ellison Institute is a Californian research institute devoted to fighting age-related diseases such as cancer and heart disease.
Ellison has also contributed generously to other causes such as education, conservation and animal protection. He has donated upwards of $45 million in the form of scholarships and endowments, to medical and educational institutions, including his alma mater the University of South California.
Political Contributions
In 2016, Ellison was a key figure in the election campaign of Democratic Presidential candidate Hilary Clinton, donating more than $2.2 million to Democratic causes. Ellison also made his opinion about Donald Trump known and proclaimed that the idea of Trump as president was not reassuring.
Business Recognition
Under Ellison’s leadership, Oracle has seen increasing success and market expansion. Though Ellison has yet to win the Nobel Prize for Economics, he has achieved a range of prestigious awards over the years.
Most notably, Ellison has been named the ‘World’s Highest Paid Executive’ four times and was inducted into the Oracle Hall of Fame in 2014. In 2012, he received both ‘Businessperson of the Year’ and the ‘Lifetime Achievement Award’ at GQ Iran’s annual conference, earning him the nickname ‘Lion of Silicon Valley’.
Net Worth
Due to Oracle’s success and the sheer scope of Ellison’s investment portfolio, he has been estimated to be worth up to $76.1 billion — making him the ninth richest person in the world. Ellison’s wealth allows him to purchase private planes, luxury yachts, and island resorts.
Larry Ellison has come quite far for someone who started out with very little. From humble beginnings through to today, Ellison’s remarkable drive, entrepreneurial spirit, and deep understanding of the tech industry have allowed him to reach heights of incredible success. Not only has he achieved immense personal wealth, but Ellison has also made substantial contributions to politicians, charities, and medical and educational institutions — demonstrating the undeniable power of ambition, determination and hard work.
