How Larry Ellison Became A Top 10 Billionaire
How Larry Ellison Became A Top 10 Billionaire
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00:00 Lawrence Joseph Ellison is an American business entrepreneur and investor who co-founded Oracle
00:06 Corporation and serves as its executive chairman and chief technology officer.
00:11 His current net worth is $106.5 billion.
00:15 In today's video, we are going to go over how Larry Ellison became a billionaire.
00:20 Lawrence Joseph Ellison, an American entrepreneur, was the founder and CEO of the software firm
00:25 Oracle Corporation from 1977 to 2014.
00:30 In 2014, he stepped down as the CEO of Oracle, following 37 years at the helm.
00:37 Oracle Corporation expanded in part through regular acquisitions of software startups.
00:42 In 2016, Oracle received $9.3 billion in cloud earnings from NetSuite.
00:49 This company went public efficiently in 1986 but experienced quality control issues in
00:55 1988.
00:56 These challenges resulted in cash flow challenges, operating losses, a falling share price, and
01:02 a near bankruptcy a few years later.
01:04 By 1994, new senior management had collaborated with Ellison to resolve these issues.
01:11 Oracle is considered to be one of the planet's most successful technology businesses as a
01:16 customer relationship management (CRM) software specialist.
01:20 He was placed fifth on Forbes' 2020 list of billionaires.
01:24 His wealth was $59 billion at the time of the list's release in April 2020.
01:30 Ellison launched Sensei, a health firm focused on hydroponic farming and vacation getaways
01:35 in March 2018.
01:37 On December 28, 2018, he was appointed to the Tesla Inc.
01:41 Board of Directors ESLA.
01:44 Early Life Larry was born on the south side of Chicago
01:47 to an impoverished, unmarried 19-year-old mother.
01:51 He was embraced by his uncle and aunt as a young toddler.
01:54 The latter perished before completing his adolescence.
01:58 Ellison defied expectations and his family's pressure to be a doctor to become one of the
02:02 world's wealthiest people.
02:04 In the 1970s, Ellison, a college dropout, worked for the Fireman's Fund, Wells Fargo
02:09 & Company, on the way he learned basic computer skills that he later applied as a developer
02:15 at Amdahl, in which he worked on the very first IBM-compatible platform.
02:21 In 1977, Larry and two Amdahl colleagues, Robert Miner and Ed Oates, founded Software
02:27 Development Labs and were hired by the CIA to create a relational database management
02:33 system (RDBMS) in 1978.
02:37 Oracle was Ellison's generic name for the project.
02:40 He called it Oracle Version 2 because he realized purchasers would indeed prefer that to Version
02:46 1.
02:47 The developer also based his structure on SQL, a new type of database language that
02:52 he had just learned about in an IBM research study.
02:56 Oracle became so well-known that Ellison was drafted into the Academy of Achievement in
03:00 1997.
03:02 By the early 1980s, Software Development Labs had only eight workers and sales of less
03:07 than $1 million.
03:09 In 1981, IBM joined Oracle and over the next seven years, enterprise sales increased to
03:15 the extent where Ellison rebranded the company Oracle Corporation after his most outstanding
03:21 product.
03:22 Oracle's initial public offering was nearly bankrupted due to accounting irregularities.
03:28 IBM developed new goods, removed employees, and implemented management changes.
03:33 In 1992, Ellison had released a modern variant of the database system known as Oracle 7,
03:39 which catapulted the company to the top of the database management market.
03:43 Banks, enterprises, governments, airline companies, and other organizations relied on the computer
03:49 system.
03:50 According to the Wall Street Journal, Ellison is the highest-paid CEO in the world.
03:55 The millionaire grew his corporation by acquiring PeopleSoft, Cybill Systems, and Sun Microsystems.
04:03 Oracle endured the tech stock collapse that accompanied the dot-com bubble in November
04:08 of 2000.
04:09 Ellison was prominently featured in Forbes magazine as the "next richest man in the world."
04:15 Oracle Corporation has matured into a behemoth that hires over 135,000 individuals and has
04:22 yearly net revenue of around $40 billion.
04:26 Hunger for Success Larry Ellison had many hurdles and rejections,
04:30 but everyone has a voice that helps them achieve something more significant than their aspirations.
04:36 Larry Ellison changed employment regularly.
04:39 In 1977, he founded his first company, Software Development Labs, with Bob Miner and Ed Oates,
04:46 Ellison co-workers.
04:47 He understands how to capitalize on the thriving software business, continually expanding and
04:53 posing new difficulties to rivals.
04:55 The corporation reached $55 million in 1986, mainly during the dot-com bubble of the 1990s.
05:04 Larry Ellison's company began selling databases to all the companies riding the wave.
05:09 Mark Benioff, who previously worked for Larry Ellison, announced his ambition to launch
05:14 his own company, Salesforce.
05:17 He put $2 million into his new venture.
05:20 Salesforce now has a $10 billion turnover and is placed second on the Fortune 500 list.
05:27 He informed the Smithsonian Institute that becoming a billionaire was never his goal.
05:32 "When I founded Oracle Corporation, my goal was to create an environment where I would
05:36 like working.
05:38 That was my initial objective.
05:39 Sure, I needed to earn a livelihood.
05:42 I never intended to become rich, particularly not this rich," he remarked.
05:47 Ellison's Empire Many of Ellison's acquisitions have been dubbed
05:51 "trophy properties."
05:53 Most of Ellison's assets indicate a notion for his past Oracle presence in the world.
05:58 He sees several of his residences as future art museums for his extensive art collection.
06:03 He has a place for his contemporary art, a house for his 19th century art, a home for
06:08 his French Impressionism art, and a mansion erected on the grounds of the Asunji Temple
06:13 in Japan to hold his Japanese art.
06:17 His leading estate in Woodside, California was inspired by a 16th century Japanese emperor's
06:23 castle.
06:24 The $70 million home took more than nine years to create and spans 23 acres.
06:29 The following are a few of his most extravagant purchases.
06:33 The Island of Lanai Larry has been charmed by the Island of Lanai
06:37 since he flew over it in a charter decades ago.
06:41 He accomplished his desire when he became a multi-billionaire and paid $300 million
06:46 for it.
06:47 He possesses all but 2% of the island, including two Four Seasons hotels, a cinema, a water
06:53 business, the majority of the island's facilities, and many of its homes and residential buildings.
06:58 His idea is to turn the island into a self-sufficient, environmentally-friendly holiday destination
07:03 complete with super-luxury hotels and a durability laboratory to make it the first economically
07:09 viable 100% green society.
07:13 He even intends to assist Lanai in developing world-class potential for agricultural infrastructure.
07:19 He purchased two airlines and extended airport runways to increase travel options.
07:25 Malibu Larry has been buying Malibu real estate for
07:28 over a decade.
07:30 He bought the whole block of properties on Billionaire Beach.
07:33 Ellison spent $18 million for one of the mansions owned by producer Jerry Bruckheimer.
07:38 Previously, Ellison rented out one of his properties, a 2,800-square-foot beachside
07:43 house for $65,000 monthly during the summertime.
07:48 All of this is in contrast to the carbon beach residences he possesses and an inn and a restaurant.
07:54 According to people who were close to Ellison, his spending binge was an investment, and
07:59 he has commercialized some of his assets.
08:02 Porcupine Creek The 249-acre property contains an 18-hole
08:07 golf resort and a 27-room residence designed in the style of an Italian villa.
08:12 The property is about 20 minutes from the Indian Wells Tennis Garden, which stages the
08:17 BNP Paribas Open Tennis Tournament every year.
08:20 Ellison, an enthusiastic tennis fan, paid $100 million for the event and its infrastructure
08:26 in 2009.
08:27 Then in 2011, he paid $42.9 million for Porcupine Creek.
08:33 He continuously invests in the tournament, which draws the best players globally and
08:38 over 450,000 spectators.
08:41 Many athletes and their families visit Porcupine Creek to experience the big pool and water
08:46 slides in the scorching desert heat.
08:48 Yachting Competitions Aside from his business accomplishments,
08:53 Ellison is the team boss of Oracle Team USA, created in 2000 as an American boat syndicate.
08:59 It was founded to contend for America's Cup in 2003, but it did not win the first time.
09:05 They made the second effort and qualified for the 32nd America's Cup but were unsuccessful.
09:11 Ellison's Tremoran USA 17, previously recognized as BMW Oracle Racing 90, won the 33rd America's
09:19 Trophy on February 14, 2010.
09:23 In 2013, the side also claimed the 34th America's Cup.
09:27 Larry Ellison owned the eighth largest yacht on the planet, Rising Sun, until he sold it
09:33 to David Geffen in 2010.
09:35 Rising Sun is a 453-foot-long yacht that costs approximately $200 million.
09:42 What should we learn from Larry Ellison?
09:45 Believe in your ideas.
09:47 Occasionally minor ideas work exceptionally well, and often great ideas collapse.
09:52 Larry Ellison feels that Oracle customers no longer need to be persuaded to adopt their
09:57 services but require a suitable software upgrade.
10:01 Be addicted to winning.
10:03 Larry Ellison experienced numerous personal and professional hurdles, and he was inspired
10:08 by Genghis Khan's dictum that "Everyone should endure, and I should win."
10:14 Degree can't decide your future.
10:17 Education is a formidable weapon that will assist you in dealing with the world, but
10:22 that doesn't imply that you'll lose your battles if you don't have it.
10:26 Larry Ellison dropped out of two universities in a row, and most of the top businessmen
10:31 in Silicon Valley don't even have a degree, yet are still market leaders.
10:36 Charity.
10:38 In contrast to his contribution to the University of Southern California, Ellison signed the
10:43 Giving Pledge in 2012.
10:45 Warren Buffett, Bill Gates, and many others, and vowed to give away 95% of his Fortune
10:51 Private Foundation.
10:53 While most all Ellison's prior donations were kept confidential, he declared that the
10:57 Giving Pledge, known at the request of Warren Buffett who believed it would inspire others
11:02 to do the same.
11:03 So there you have it!
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11:11 Until next time!
11:12 [Music]