Ellison was born on August 17, 1944, to an unmarried Jewish mother named Florence Spellman in New York City. Italian-American United States Army Air Corps pilot was his biological father.
Ellison’s mother gave him to her aunt and uncle for adoption nine months after he developed pneumonia. The next time he saw his biological mother was when he was 48.
Ellison relocated to Chicago’s South Shore, a middle-class area. In contrast to his austere, unhelpful, and frequently aloof adoptive father, who had chosen the name Ellison in honor of his point of entry into the United States, Ellis Island, he remembers his adoptive mother, Lillian Spellman Ellison, as being warm and affectionate.
Government worker Louis Ellison amassed a modest fortune in Chicago real estate before losing it all during the Great Depression.
What is Larry Ellison’s Net Worth and Salary?
Larry Ellison is an American billionaire businessman with a net worth of $152 billion. Being the creator of the powerful software company Oracle, Larry Ellison amassed massive wealth. Up until September 2014, he also served as CEO.
Ellison ranks among the world’s wealthiest individuals, after business moguls like Jeff Bezos, Bill Gates, Warren Buffett, and Bernard Arnault.
When Larry’s net worth briefly surpassed Bill Gates’ in the 1990s, Microsoft stock plunged due to the Department of Justice’s antitrust investigation, making Larry the world’s richest person for a brief while.
Larry has held the title of the highest-paid executive in the world at various times, earning upwards of $90 million in some years.
Robert Reich provided the following tweet, which you may find interesting to read as well:
On Wednesday, Oracle’s stock jumped by 5 percent, boosting Larry Ellison’s net worth to $152 billion.
Don’t tell me that America’s billionaires can’t afford a wealth tax.
— Robert Reich (@RBReich) June 18, 2023
On March 12, 1986, Larry opened Oracle to the public. That was the day before longtime rival Bill Gates publicly launched Microsoft. When Oracle went public, Larry held 39% of the company.
Due to Oracle’s $270 million market value at the end of the first trading day, Larry had a paper net worth of $105.3 million.
Oracle found itself dangerously near bankruptcy in 1990. Oracle barely had a few months of cash in the bank after losing over 50% of its market capitalization. Larry had almost been fired from the company after seeing his own net worth go from approximately $500 million to $150 million.
How Many Shares Did Larry Ellison Own After the Stock Split?
In 2018, Larry Ellison discreetly invested $1 billion over several months to buy 3 million Tesla shares. He has known Elon Musk for a long time. He owned 1.7% of Tesla when he informed the SEC of his ownership. Following the company’s 5-1 stock split in August 2020, his 3 million shares increased to 15 million.
Those 15 million shares had a value of up to $13 billion at various times in 2021, but generally closer to $10 billion.
How Much Has Ellison Earned From Oracle Since 2003?
Ellison currently controls 22% of Oracle. 315 million of his shares have been pledged as security for loans and personal obligations. He has made about $9 billion from Oracle stock sales and dividends since 2003.
How Much Did Larry Ellison Pay for the Palm Beach Mansion?
Among the homes in Larry’s real estate portfolio are residences in Hawaii, Japan, Malibu, Lake Tahoe, San Francisco, and Rhode Island. The 45-acre estate he uses as his primary home is valued at at least $200 million and is located in Woodside, California. The mansion is based on a Japanese estate from the 16th century.
The 45-acre property has a main house, a guest house with two bedrooms, three cottages, a barn turned into a gym, and a 3-acre artificial lake with two waterfalls.
Ellison contested the value after the local municipality assessed his property at $173 million and gave him the tax bill. He was successful and was given a 60% tax break on his “$70 million” property.
Larry invested $180 million between 2004 and 2005 to buy 12 houses in Malibu, California. He invested $65 million in five adjoining properties on Carbon Beach in Malibu.
He invested $10.5 million to buy the Newport, Rhode Island, mansion of the Astor family in 2010. The 249-acre Porcupine Creek Estate golf course in Rancho Mirage, California, was purchased by Larry for $43 million in 2011.
Larry purchased a mansion in Palm Beach, Florida, for $80 million in April 2021. The estate, which contains a 15,500-square-foot residence, multiple pools, a tennis court, and a sports center, is situated on 7.35 acres of oceanfront land.
Larry took the first step to leave California by purchasing the Palm Beach mansion. The long-time Californian publicly expressed frustration with company intrusions and rising taxes.
Larry relocated from California to Florida to escape California’s 13% yearly income tax rate imposed by the Franchise Tax Board. Every year for the past ten years, Oracle has paid Larry dividends totaling $1.7 billion.
He only saves $230 million in taxes by relocating to Florida on those dividend payments. This equates to savings of $644,000 each day of residency in Florida. It would take Larry only FOUR MONTHS at that pace to pay off his new Florida property’s $80 million price tag.
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How Much Did Larry Pay for the Gemini Estate?
In June 2022, it was made public that Larry had bought Gemini, a 16-acre mansion close to Palm Beach, Florida. Gemini cost Larry $175 million to purchase.
Jim Clark, a fellow wealthy software entrepreneur who sold the house, had paid $94 million for it 15 months earlier. In our ranking of the most expensive residences ever sold in the US, Larry’s $175 million purchase price dropped to third place at the time of the sale.
Who Purchased 98% of Lanai Island in June 2012?
In June 2012, Larry paid $300 million to the Castle & Cooke corporation to buy 98% of the Hawaiian island of Lanai. The state of Hawaii owns the remaining 2%.
Larry also got the Four Seasons Hotel on Lanai along with the purchase. According to reports, he invested $500 million of his personal funds in new roads, a water treatment plant, and a cutting-edge movie theater.
Who Owns the Indian Wells Tennis Garden in Coachella?
Ellison, a devoted tennis fan, is the proprietor of the Indian Wells Tennis Garden in Coachella, California, and the Indian Wells Masters Competition. He enjoys sailing a lot.
His Oracle and the USA sides won America’s Cups in 2010 and 2013. The 12th-largest boat in the world, Rising Sun, belonged to Larry for a long time. The Rising Sun cost $200 million to build. In 2010, he offered the yacht to music mogul David Geffen.
What Type of Aircraft Did Larry Initially Travel on Globally?
Larry spent several years flying worldwide on a Gulfstream V. He eventually purchased a $75 million Gulfstream G650. To assist in bringing visitors to Lanai, he purchased Island Air in 2013.
Additionally, he possesses two decommissioned Soviet MiG-29 and SIAI-Marchetti S.211 fighter jets. Because the US government regards the Mig-29 as a weapon of war, he is not permitted to fly it there.
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