Larry Ellison is one of the richest men in the world with his highest earnings. He is an American businessman and the co-founder of a well-known software company “Oracle Corporation”.
Lawrence Joseph widely known as ‘Larry’ Ellison is an American businessman, he is best known as the co-founder and the chief executive officer of the multi-billion dollar software company, ‘Oracle Corporation’.
For pursuing success Larry moved to California from Chicago as he was a university dropout who was highly fascinated with the newly developing computer design system. He started out by developing databases for the CIA and quickly developed the idea of starting his own company, after developing the database ‘Oracle’.
He co-founded “Software Development Laboratories” with an investment of $2000, which later came to be known as ‘Oracle Corporation’. The company grew rapidly in the software market since its formation and with a wealth of about $91 billion Ellison is the third richest man in America.
It is really inspiring to see how a person with such a hard childhood and at a very young age has gone through so much, who was left by his real mother, never knew who was his biological father, and was raised by an adoptive father who was faraway and critical of him, still achieved so much success in life. Larry Ellison is a person who achieved brilliance and success against all odds because of his courage, talent, strong ideas, and hard work.
Larry Ellison Childhood:
Larry Ellison was born on 17 August 1944 to an unmarried mother who was of Jewish heritage. He was born in New York City. His mother gave him to her aunt and uncle to adopt as he had pneumonia when he was only 9 months old.
Larry didn’t know that he was adopted until he turned 12. He was brought up on the south side of New York City. He joined Eugene Field Elementary School in Chicago and after that, he moved to Sullivan High School.
Louis Ellison his adoptive father lost his small real estate Chicago business because of the great depression. Young Louis didn’t have much good bonding with his father as he was far away and demanding.
Ellison joined the University of Illinois but have to drop out because his adoptive mother passed away. Later he joined the University of Chicago but he also drop out there.
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Larry Ellison Career:
- After dropping out of the university, Ellison, during the 1970s, started working with the Ampex Corporation. He worked to develop databases, in particular for the CIA; a program that he named ‘Oracle’.
- In 1977, Ellison founded his own company under the name of ‘Software Development Laboratories (SDL)’. He started it with two other partners and invested about 2000 US dollars in it, initially.
- In the late ‘70s and early ’80, Ellison renamed his company ‘Relational Software Inc.’, which went on to become ‘Oracle Systems Corporation’, named after its patent invention ‘Oracle’ database.
- He wanted his creation Oracle to achieve compatibility with the newly formed IBM System Inc., which was like Oracle based on Codd’s theories, but IBM refused to share System R’s code.
- In 1990, Oracle started losing money in the business and laid off about 10% of its working staff. This situation emerged due to Oracle’s marketing techniques.
- In 1994, Informix overhauled Sybase and became Oracle’s most important competition in the software market. The rivalry between the heads of the two companies – Phil White (Informix) and Ellison – was hyped in the media for years.
- Eventually, Informix announced its bankruptcy and Phil White ended up in jail; his company was absorbed by IBM in 2001. Around the same time, Ellison who was also working as the director of Apple Computer for about 5 years now, resigned.
- After Informix and Sybase were defeated in the competition, Oracle went through a period of dominance and success until Microsoft SQL Server and IBM overtook the market.
- It is said that by 2005, Ellison was making a salary of $975,000 with $6,500,00 in bonus and $955,100 in compensations, which eventually became $56.8 million during the late 2000s. He was ranked as the richest Californian.
- In 2010, Oracle’s takeover of Sun Microsystems was granted by the European Union. This gave Oracle control of the popular MySQL open source database. In the same year, Mark Hurd (ex-CEO of HP) was hired as Co-President by Ellison.
- By the late 2000s, Ellison was estimated to be of a net worth of $28 billion. ‘The Wall Street Journal’ reported him to be the best-paid executive.
- In 2013, according to the Wall Street Journal, Ellison earned $94.6 million. On September 18, 2014, Ellison appointed Mark Hurd to CEO of Oracle from his former position as president; Safra Catz was also made CEO, moving from her former role as CFO. Ellison assumed the positions of chief technology officer and executive chairman.
- In November 2016, Oracle bought NetSuite for $9.3 billion. Ellison owned 35% of NetSuite at the time of the purchase making him $3.5 billion personally.
- In 2017, Forbes estimated that Ellison was the 4th richest person in tech.
- In June 2018, Ellison’s net worth was about $54.5 billion, according to Forbes.
- In December 2018, Ellison became a director on the board of Tesla, Inc., after purchasing 3 million shares earlier that year.
- As of December 31, 2019, Ellison owns 36.2% of the shares of Oracle Corporation, and 1.7% of the shares of Tesla.
- As of June 2020, Ellison is said to be the seventh wealthiest person in the world, with a net worth of $66.8 billion.
Larry Ellison Awards and Achievements:
Larry Ellison’s yacht USA 17 won the second race of the 33rd America’s Cup. He and his BMW Oracle team returned to America from Spain in 2010 with the title, for the first time in more than a decade.
In 1997, Ellison received the Golden Plate Award from the American Academy of Achievement.
In 2013, Larry Ellison was inducted into the Bay Area Business Hall of Fame.
In 2019, the Lawrence J. Ellison Institute for Transformative Medicine of USC honored Ellison with the first Rebels With A Cause Award in recognition of his generous support through the years.
Larry Ellison Personal Life:
Larry Ellison married four times. First, he married in 1967 to Adda Quinn but later got separated in 1974. After that, he married his second wife Nancy Wheeler Jenkins in 1977 and within one year they both got separated.
Then in 1983, he married Barbara Boothe and in 1986 they both got divorced, they both have two children together named David and Megan. He married his fourth wife Melanie Craft in 2003 and in 2010 they both got separated.
In May 2016, Larry Ellison donated $200 million to the University of Southern California for establishing a cancer research center: the Lawrence J. Ellison Institute for Transformative Medicine of USC.
Larry Ellison Net Worth:
Larry Ellison’s estimated net worth in 2022 is about $91 Billion.
His primary residence is a 45-acre estate in Woodside, California, that is likely worth at least $200 million. The mansion is modeled after a 16th-century Japanese estate. It spans 45 acres.
Quotes By Larry Ellison: