Latest news with #Ellison
The Age
5 hours ago
- Business
- The Age
The college dropout in Trump's inner circle who is now the second-richest person in the world
With two partners, Ellison founded what eventually became Oracle in 1977. The company sold shares in an initial public offering on March 12, 1986, a day before Microsoft's IPO. He stepped down as Oracle's chief executive officer in September 2014, taking on the titles of chairman and chief technology officer. Why is Oracle having a moment right now? Oracle has invested billions of dollars over the past few years to become a provider of cloud infrastructure — offering computing power and storage over the internet. That has made the company a beneficiary of the market's enthusiasm for artificial intelligence as start-ups and other AI firms seek more capacity. Oracle's share price has nearly tripled since ChatGPT's public release in November 2022. The stock jumped 5.7 per cent on July 15 after the US government eased some Biden-era restrictions, allowing chipmakers such as Nvidia and Advanced Micro Devices to export certain semiconductors to China. The decision was expected to ease tensions in the global chip supply chain, which bodes well for Oracle, a massive buyer of AI chips for its data centres. Loading The latest gain came during a period of explosive growth for the company, which has seen its shares surge more than 90 per cent since late April due to strong revenues and key AI partnerships. Bloomberg reported earlier this month that OpenAI has agreed to rent an unprecedented sum of computing power from Oracle as it builds increasingly powerful AI tools. Ellison also has benefited from a close relationship with US President Donald Trump. Ellison has been a Trump supporter and Republican donor for years, and since retaking office in January Trump has rewarded Ellison by elevating Oracle on multiple occasions. Ellison and Oracle are part of a $US500 billion AI infrastructure project called Stargate that Trump first touted in January. Trump has also expressed support for Oracle to acquire a partial stake in TikTok's US business, which would give Oracle a share of one of the world's most popular consumer products. Oracle's bid for the popular video app owned by China's ByteDance, which includes several other potential investors, has been endorsed by Trump, but it hasn't been approved by leaders in Beijing. What other businesses does Ellison own? He has spent hundreds of millions of dollars on luxury real estate in the past decade, including properties in Malibu and Rancho Mirage, California; the Beechwood Mansion in Newport, Rhode Island; and an estate in the San Francisco Bay Area modelled on 16th-century Japanese feudal architecture. Ellison has been a major shareholder of Tesla and owned about 1.5 per cent of the company as of the carmaker's 2022 proxy statement. He stepped down from Tesla's board of directors in June 2022 and his stake hasn't been disclosed in subsequent proxies. He also was one of the largest outside backers of Musk's bid to purchase Twitter. What are Ellison's interests outside of tech? The software mogul has a history of lavish living. In a 2002 email to the tech founder, an accountant suggested that Ellison 'budget and plan' because his spending habits were becoming difficult to sustain, according to a January 2006 San Francisco Chronicle article. Loading Ellison finances his lifestyle using debt and the proceeds from Oracle stock sales and dividends, which have amounted to more than $US12 billion since 2003, according to an analysis of data compiled by Bloomberg. The avid sailor partially financed the BMW Oracle Racing team, which won the America's Cup in February 2010. He sold his stake in Rising Sun, a 138-metre megayacht, to billionaire David Geffen later that year. His Oracle Team USA defended the America's Cup in October 2013, defeating a team from New Zealand. He signed the Giving Pledge in 2010, promising to give away at least 95 per cent of his wealth to charitable causes. How has Ellison been involved in Hawaii? Ellison's love for Hawaii, which began in his childhood, led to his $US300 million purchase of 98 per cent of the island of Lanai in 2012. There, he has partnered with David Agus – a doctor who treated Ellison's late best friend, Steve Jobs – to create Sensei, a chain of luxury wellness resorts focused on longevity. His personal connections have brought high-profile visitors including Musk, Tom Cruise and Israeli Prime Minister Benjamin Netanyahu to the once-sleepy island. Ellison's supporters have said his investments have helped revitalise Lanai, but there have been complaints that the island has become more hospitable to the super-rich while squeezing out families that have lived there for generations.
Axios
a day ago
- Entertainment
- Axios
Skydance CEO met with FCC chair ahead of canceling "The Late Show"
Skydance CEO David Ellison and his lawyer met with Federal Communications Commission chair Brendan Carr and an FCC lawyer on Tuesday, a new regulatory filing shows. Why it matters: The meeting came two days before CBS abruptly announced that it is canceling"The Late Show with Stephen Colbert" after the next season in May 2026, citing "financial" reasons. Zoom in: Ellison and his lawyer, Matthew A. Brill of Latham & Watkins, met with Carr, his chief of staff Greg Watson and Ben Arden, the FCC's special counsel in the Office of the Bureau Chief of the Media Bureau, according to a letter sent by Brill to the FCC's secretary. They urged the FCC's Media Bureau to "promptly grant" Paramount's applications to transfer control of its broadcast licenses to its new owners, after emphasizing "the public interest benefits" of the deal in the meeting. "[W]e explained the Ellison family and RedBird represent fresh leadership with the vision and experience needed to drive New Paramount's long-term growth in the face of the challenges presented by today's media landscape, all while preserving and enhancing the legacy and broad reach of both the national CBS television network and the company's 28 owned-and-operated local television stations," Ellison's lawyer wrote. "Relatedly, we discussed Skydance's commitment to unbiased journalism and its embrace of diverse viewpoints, principles that will ensure CBS's editorial decision-making reflects the varied ideological perspectives of American viewers," he added. Between the lines: CBS canceled " The Late Show" just days after its parent company, Paramount, agreed to settle a lawsuit with President Trump. That timeline has drawn scrutiny from the creative community like the Writers Guild of America, which represents thousands of Hollywood writers including those at "The Late Show." WGA said it has significant concerns that the cancellation "is a bribe, sacrificing free speech to curry favor with the Trump Administration as the company looks for merger approval," it said in a statement Friday. More than 30 petitions have already been launched on to save the show.
West Australian
2 days ago
- Entertainment
- West Australian
Herd on the Terrace: Ellison's yacht takes a vacation to Kwinana shipyard and why Perth towies won't hook up
Herd on the Terrace: Ellison's yacht takes a vacation to Kwinana shipyard and why Perth towies won't hook up
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
The college dropout who is now the second-richest person in the world
With two partners, Ellison founded what eventually became Oracle in 1977. The company sold shares in an initial public offering on March 12, 1986, a day before Microsoft's IPO. He stepped down as Oracle's chief executive officer in September 2014, taking on the titles of chairman and chief technology officer. Why is Oracle having a moment right now? Oracle has invested billions of dollars over the past few years to become a provider of cloud infrastructure — offering computing power and storage over the internet. That has made the company a beneficiary of the market's enthusiasm for artificial intelligence as startups and other AI firms seek more capacity. Oracle's share price has nearly tripled since ChatGPT's public release in November 2022. The stock jumped 5.7 per cent on July 15 after the US government eased some Biden-era restrictions, allowing chipmakers such as Nvidia and Advanced Micro Devices to export certain semiconductors to China. The decision was expected to ease tensions in the global chip supply chain, which bodes well for Oracle, a massive buyer of AI chips for its data centres. Loading The latest gain came during a period of explosive growth for the company, which has seen its shares surge more than 90 per cent since late April due to strong revenues and key AI partnerships. Bloomberg reported earlier this month that OpenAI has agreed to rent an unprecedented sum of computing power from Oracle as it builds increasingly powerful AI tools. Ellison also has benefited from a close relationship with President Donald Trump. Ellison has been a Trump supporter and Republican donor for years, and since retaking office in January Trump has rewarded Ellison by elevating Oracle on multiple occasions. Ellison and Oracle are part of a $US500 billion AI infrastructure project called Stargate that Trump first touted in January. Trump has also expressed support for Oracle to acquire a partial stake in TikTok's US business, which would give Oracle a share of one of the world's most popular consumer products. Oracle's bid for the popular video app owned by China's ByteDance, which includes several other potential investors, has been endorsed by Trump, but it hasn't been approved by leaders in Beijing. What other businesses does Ellison own? He has spent hundreds of millions of dollars on luxury real estate in the past decade, including properties in Malibu and Rancho Mirage, California; the Beechwood Mansion in Newport, Rhode Island; and an estate in the San Francisco Bay Area modelled on 16th century Japanese feudal architecture. Ellison has been a major shareholder of Tesla and owned about 1.5 per cent of the company as of the carmaker's 2022 proxy statement. He stepped down from Tesla's board of directors in June 2022 and his stake hasn't been disclosed in subsequent proxies. He also was one of the largest outside backers of Musk's bid to purchase Twitter. What are Ellison's interests outside of tech? The software mogul has a history of lavish living. In a 2002 email to the tech founder, an accountant suggested that Ellison 'budget and plan' because his spending habits were becoming difficult to sustain, according to a January 2006 San Francisco Chronicle article. Ellison finances his lifestyle using debt and the proceeds from Oracle stock sales and dividends, which have amounted to more than $US12 billion since 2003, according to an analysis of data compiled by Bloomberg. The avid sailor partially financed the BMW Oracle Racing team, which won the America's Cup in February 2010. He sold his stake in Rising Sun, a 138-meter megayacht, to billionaire David Geffen later that year. His Oracle Team USA defended the America's Cup in October 2013, defeating a team from New Zealand. He signed the Giving Pledge in 2010, promising to give away at least 95 per cent of his wealth to charitable causes. How has Ellison been involved in Hawaii? Loading Ellison's love for Hawaii, which began in his childhood, led to his $US300 million purchase of 98 per cent of the island of Lanai in 2012. There, he has partnered with David Agus — a doctor who treated Ellison's late best friend, Steve Jobs — to create Sensei, a chain of luxury wellness resorts focused on longevity. His personal connections have brought high-profile visitors including Musk, Tom Cruise and Israeli Prime Minister Benjamin Netanyahu to the once-sleepy island.
The Age
2 days ago
- Business
- The Age
The college dropout who is now the second-richest person in the world
With two partners, Ellison founded what eventually became Oracle in 1977. The company sold shares in an initial public offering on March 12, 1986, a day before Microsoft's IPO. He stepped down as Oracle's chief executive officer in September 2014, taking on the titles of chairman and chief technology officer. Why is Oracle having a moment right now? Oracle has invested billions of dollars over the past few years to become a provider of cloud infrastructure — offering computing power and storage over the internet. That has made the company a beneficiary of the market's enthusiasm for artificial intelligence as startups and other AI firms seek more capacity. Oracle's share price has nearly tripled since ChatGPT's public release in November 2022. The stock jumped 5.7 per cent on July 15 after the US government eased some Biden-era restrictions, allowing chipmakers such as Nvidia and Advanced Micro Devices to export certain semiconductors to China. The decision was expected to ease tensions in the global chip supply chain, which bodes well for Oracle, a massive buyer of AI chips for its data centres. Loading The latest gain came during a period of explosive growth for the company, which has seen its shares surge more than 90 per cent since late April due to strong revenues and key AI partnerships. Bloomberg reported earlier this month that OpenAI has agreed to rent an unprecedented sum of computing power from Oracle as it builds increasingly powerful AI tools. Ellison also has benefited from a close relationship with President Donald Trump. Ellison has been a Trump supporter and Republican donor for years, and since retaking office in January Trump has rewarded Ellison by elevating Oracle on multiple occasions. Ellison and Oracle are part of a $US500 billion AI infrastructure project called Stargate that Trump first touted in January. Trump has also expressed support for Oracle to acquire a partial stake in TikTok's US business, which would give Oracle a share of one of the world's most popular consumer products. Oracle's bid for the popular video app owned by China's ByteDance, which includes several other potential investors, has been endorsed by Trump, but it hasn't been approved by leaders in Beijing. What other businesses does Ellison own? He has spent hundreds of millions of dollars on luxury real estate in the past decade, including properties in Malibu and Rancho Mirage, California; the Beechwood Mansion in Newport, Rhode Island; and an estate in the San Francisco Bay Area modelled on 16th century Japanese feudal architecture. Ellison has been a major shareholder of Tesla and owned about 1.5 per cent of the company as of the carmaker's 2022 proxy statement. He stepped down from Tesla's board of directors in June 2022 and his stake hasn't been disclosed in subsequent proxies. He also was one of the largest outside backers of Musk's bid to purchase Twitter. What are Ellison's interests outside of tech? The software mogul has a history of lavish living. In a 2002 email to the tech founder, an accountant suggested that Ellison 'budget and plan' because his spending habits were becoming difficult to sustain, according to a January 2006 San Francisco Chronicle article. Ellison finances his lifestyle using debt and the proceeds from Oracle stock sales and dividends, which have amounted to more than $US12 billion since 2003, according to an analysis of data compiled by Bloomberg. The avid sailor partially financed the BMW Oracle Racing team, which won the America's Cup in February 2010. He sold his stake in Rising Sun, a 138-meter megayacht, to billionaire David Geffen later that year. His Oracle Team USA defended the America's Cup in October 2013, defeating a team from New Zealand. He signed the Giving Pledge in 2010, promising to give away at least 95 per cent of his wealth to charitable causes. How has Ellison been involved in Hawaii? Loading Ellison's love for Hawaii, which began in his childhood, led to his $US300 million purchase of 98 per cent of the island of Lanai in 2012. There, he has partnered with David Agus — a doctor who treated Ellison's late best friend, Steve Jobs — to create Sensei, a chain of luxury wellness resorts focused on longevity. His personal connections have brought high-profile visitors including Musk, Tom Cruise and Israeli Prime Minister Benjamin Netanyahu to the once-sleepy island.
