Oracle's Larry Ellison, World's 2nd Richest Person, To Donate 95% Of His Wealth

Oracle co-founder Larry Ellison has pledged to donate 95 per cent of his fortune. The 81-year-old billionaire is the world's second-richest person, with a net worth estimated at $350 billion, as per Forbes.

His wealth was boosted by a surge in Oracle's stock driven by the AI boom. Earlier this month, he briefly surpassed Elon Musk as the world's richest person.

Larry Ellison's 2010 Giving Pledge

Mr Ellison, also the CTO of Oracle, made his commitment in 2010 as part of the Giving Pledge, promising to donate most of his wealth.

He established the Ellison Institute of Technology (EIT), a for-profit organisation in partnership with Oxford University. EIT focuses on global challenges such as healthcare, climate change, food insecurity, and AI research. He also founded the Ellison Medical Foundation, which focused on ageing and disease prevention before it was closed.

There have been concerns. In 2024, Mr Ellison appointed scientist John Bell to lead EIT's research. In August this year, former University of Michigan President Santa Ono joined to "collaborate" with Mr Bell, but Mr Bell left two weeks later from what he described as a "very challenging project."

The New York Times reported tensions over "how best to commercialise Mr Ellison's scientific research, along with persistent questions about how much the institute could trust Mr Ellison to deliver on his financial commitments."

High-Profile Donations

Over the years, Mr Ellison has made significant contributions. He donated $200 million to the University of Southern California to establish a cancer research center and approximately $1 billion to the Ellison Medical Foundation.

The Oxford EIT campus, valued at $1.3 billion, is scheduled to open by 2027.

Net Worth And Investments

Ellison's wealth comes primarily from his 41 per cent stake in Oracle, investments in Tesla, and nearly 50 per cent ownership of media company Paramount Skydance.

He served on Tesla's board from 2018 to 2022, owning 45 million split-adjusted shares before stepping down. In 2020, Ellison moved to the Hawaiian island of Lanai, which he purchased almost entirely in 2012 for $300 million.