What is Larry Ellison’s net worth? Oracle founder backs Tim Scott's 2024 bid, donates millions
Larry Ellison funnels $10m to PAC aligned with Tim Scott, helping the Senator get a massive head start over other challengers
Most Republicans believe Donald Trump will return to become the President in 2024, but there are few from within the party who have an entirely different opinion. Take for example South Carolina Senator Tim Scott. Ahead of the 2024 Republican primary, it is believed he is building a massive war chest with millions from megadonors to run for the presidency. One of those donors just happens to be Oracle founder Larry Ellison.
One of the world's richest men, Ellison hasn't been shy about propping up the Republican party, even during the controversial Trump era. In October 2020, he donated $250K to Senator Lindsey Graham's PAC, shortly after Oracle was announced as TikTok's US partner. That deal, where Oracle beat Microsoft led to allegations of corruption, with many people claiming Ellison was close to "Team Trump". Those allegations didn't appear to bother Ellison, and now it appears Scott too is willing to look beyond them.
The Senator rose to fame earlier this year after responding to President Joe Biden's joint session in Congress. In fact, his rebuttal was so powerful House Minority Leader Kevin McCarthy openly endorsed him for President in 2024, much to the fury of Trump's loyalists. Scott isn't the only person to throw his hat into the ring. Plenty of Republicans are vying for the Presidency in 2024, but Scott certainly seems to be the leader of the pack. That's all thanks to a handy $10m donation from Ellison, one of his largest to date.
How much is Larry Ellison worth?
To donate $10m, you have to be pretty rich, but luckily money doesn't seem to be an issue for Ellison. By all accounts, he's one of the richest men in the world. According to Forbes, Ellison is currently ranked #7 on their 'Real Time Billionaires' list with a net worth of $116.9b. He's also one of the oldest in the top 10, at 76. Only Warren Buffet (90) is older. Ellison first crossed the centibillionaire landmark in April 2021, becoming only the sixth person to do so at the time.
If you are wondering where all that cash comes from, it's thanks to his billion-dollar idea Oracle. Ellison co-founded in 1977 and served as CEO for 37 years. He reportedly owns a 35% stake in the company, which is where most of his fortunes come from. He also makes a pretty penny from Salesforce, where he invested $2m in 1999. It's unclear how much that investment is worth today, but Business Insider said "given that Salesforce is now a $115 billion company, Ellison personally profits even when his competitors do well."
But the Salesforce investment isn't as big as his stake in Tesla, which he called his "second-biggest investment." In 2018, Ellison invested $1b in Tesla, which was reportedly worth around $10b as of May 2021. With that much money, you shouldn't be surprised Ellison bought the Hawaiian island of Lanai in 2012. Reportedly, he owns 98% of the island, adding to his already massive portfolio of an America's Cup racing team, 12 Malibu homes, a 249-acre golf course in California, the Indian Wells Tennis Garden in Coachella, California, several private jets, and a Mig-29 fighter jet.
Donations to the GOP
It's not just islands and planes Ellison spends on, he's been an increasingly vocal supporter of the Republican party. In February 2020, he held a fundraiser for Trump's reelection bid. The Desert Sun reported that Ellison personally contributed $9.5 million to federal candidates and political action committees since 1993, most of whom happen to be Republicans. In the 2017 mid-terms, he backed Devin Nunes, Lindsey Graham, and. Will Hurd. In the same cycle, he also donated $44,300 to House Minority Leader Kevin McCarthy’s Victory Fund and almost $34,000 to the National Republican Senate Committee and the National Republican Congressional Committee.
Now, Ellison is clearly looking beyond Trump. POLITICO reported the billionaire met with Scott "earlier this year" in Hawaii. Reportedly, since October 2020, Ellison has funneled $10m to an outside group aligned with the senator. It is reportedly one of his biggest known contributions in three decades as a political donor. He's not the only one. Bay Area-based investor Bill Oberndorf reportedly donated $200,000 to the pro-Scott super PAC as well.
The heavy investment from megadonors is a key indication Scott is clearly got the muscle to run a presidential campaign, but whether or not he will win is a debatable matter. If Trump doesn't join the race, that still leaves challenges like Florida Governor Ron DeSantis, South Dakota Governor Kristi Noem, former Vice President Mike Pence, Former Secretary of State Mike Pompeo, and Senator Tom Cotton to name a few. Should Trump enter the race though, the equation will change dramatically. Few Republicans have been able to fundraise like Trump, but perhaps now Scott has a chance.