Oracle co-founder is launching tech institute to tackle global challenges
What's the story
Larry Ellison, the co-founder of Oracle and the world's second-richest person, has announced a major change in his philanthropic strategy. He is setting up a new technical institute to tackle global challenges. The initiative, called the Ellison Institute of Technology (EIT), will be established in collaboration with the University of Oxford.
Institute goals
Core mission of EIT
In his announcement on X, Ellison emphasized the importance of philanthropy for the public good. He said, "But there are additional ways that I would like to invest my time and resources in giving back to the world we share." The core mission of EIT is to revolutionize healthcare by creating and distributing a new generation of life-saving drugs.
Global challenges
Areas of focus
Ellison also highlighted that EIT will work toward combating world hunger by engineering higher-yielding crops and establishing a global network of low-cost indoor growing systems. The institute will also focus on slowing climate change by developing efficient clean energy generation and storage systems. He said, "I am amending my giving pledge and promising to do more by concentrating my resources on the Institute."
About
Ellison's contributions and net worth
Ellison, born on August 17, 1944, is an American entrepreneur who has served as the CEO of Oracle from 1977 to 2014. He currently holds the roles of Chief Technology Officer and Executive Chairman. As of July 2025, Ellison has an estimated net worth of $257 billion according to Bloomberg and $286.8 billion per Forbes. He also owns 98% of Lanai, Hawaii's sixth-largest island.