Desk Report:
Oracle co-founder Larry Ellison is now the world’s second richest person after Tesla CEO Elon Musk. According to the Bloomberg Billionaires Index, his net worth is currently $373 billion. Ellison’s wealth has increased rapidly due to the sharp rise in Oracle’s share price in the past few months. The growing demand for AI (artificial intelligence) technology is a major reason behind this increase.
However, very few people know that Ellison participated in ‘The Giving Pledge’ in 2010. He announced that he would donate 95 percent of his wealth. However, he prefers to distribute his wealth on his own terms, not through traditional charities.
A report in Fortune magazine has revealed how Ellison plans to donate his huge wealth. The bulk of his total wealth comes from his 41 percent ownership of Oracle and Tesla shares.
His main philanthropic program is run through the Ellison Institute of Technology (EIT). It is a for-profit organization. Its main campus is being set up at the University of Oxford in the UK. The organization is working to address major challenges around the world such as healthcare, food security, climate change and AI research.
EIT plans to open a new and modern campus in Oxford by 2027 at a cost of about $1.3 billion.
Ellison has previously donated some significant assets. He donated $200 million to the University of Southern California in the United States to establish a cancer research center. In addition, he gave about $1 billion to the Ellison Medical Foundation for research on aging and disease prevention. However, the organization was later closed.
Although Ellison’s donations are smaller in cash than many other wealthy donors, his financial donations through the Giving Pledge and the Ellison Institute have reached billions of dollars. Ellison has said that he will gradually spend almost all of his life’s wealth on social welfare. It will be under his own control and on his own schedule.
However, some challenges have also arisen around EIT. The New York Times reported that there has been some unrest at the company over a leadership change. In 2024, Ellison appointed scientist John Bell as head of research. Later in August, he announced that he would “collaborate” with Santa Ono, former president of the University of Michigan. Just two weeks after this announcement, John Bell resigned, describing it as an “extremely challenging project.”
Source: Times of India
