Larry Ellison Loses $14 Billion on Diwali Monday Amid Stock Slide

Larry Ellison, co-founder of Oracle Corporation and the world’s second-richest person, experienced a dramatic loss of $14 billion on Diwali Monday, following a nearly 5 percent drop in the company’s stock price. According to Forbes, this decline translates to approximately Rs 12.34 lakh crores in Indian currency. Despite this significant setback, Ellison’s net worth remains substantial, estimated at around $336 billion, as reported by the Bloomberg Billionaires Index.

Ellison’s Financial Journey

Over the past year, Ellison’s wealth has surged by $144 billion, marking a remarkable 75 percent increase. The 81-year-old entrepreneur is recognized for his extensive contributions to the tech industry and his lavish lifestyle, which includes yachts, private planes, and significant real estate holdings. Ellison owns about 40 percent of Oracle and has been pivotal in the company’s success since its inception in 1977.

Born in 1944 in the Bronx and later raised in Chicago, Ellison dropped out of college before working on a database project for the CIA. He co-founded Oracle, which went public in 1986, just a day before Microsoft did. His business acumen has positioned him as a leader in the technology sector.

Recent Developments and Philanthropy

In September, Ellison briefly held the title of the world’s richest person when Oracle’s shares soared after the company secured major AI cloud contracts with industry giants such as OpenAI and Meta. However, the recent decline in Oracle’s stock has reduced his fortune by an additional $24.1 billion, solidifying Elon Musk as the richest individual, with a net worth around $486 billion.

Ellison’s wealth is not solely for personal gain. He signed the Giving Pledge in 2010, committing to donate at least 95 percent of his wealth to charitable causes. His philanthropic efforts include notable donations of $200 million to the University of Southern California for cancer research and substantial funding for the Ellison Institute of Technology in collaboration with Oxford University. This institute aims to address global challenges such as healthcare and climate change.

In addition, the $1.3 billion Ellison EIT campus is expected to open by 2027, further demonstrating his commitment to impactful philanthropy. Ellison’s ventures extend to sports as well, where he has financed Oracle Team USA in their America’s Cup victories and is actively involved in the Indian Wells tennis event.

Despite the fluctuations in his wealth, Ellison’s influence in both the technology sector and philanthropic landscape remains significant, reflecting a complex legacy that intertwines business success with social responsibility.