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Tech Check
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Man, it's good to be Larry Ellison. The Oracle CEO lives in a $100 million, Japanese-style pagoda palace, he owns another $200 million in prime Malibu, Calif. beach front property, and last year I detailed a series of stock sales that netted him over $1 billion cash. There's the MiG fighter he plays with, and that nifty sail boat he tools around in.
If you can believe it, it's about to get even better.
Earlier this week, Oracle [ORCL
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] raised a few eyebrows with the news that the company would be paying its first quarterly dividend, to the tune of a nickel a share. At a time when every other company seems to be hoarding cash, or pinching pennies, Oracle is choosing now to share the wealth. And first in line with his bag wide open is Ellison himself.
The San Jose Mercury News reports that Ellison, despite last year's stock dump that earned him the name Larry "Sell"ison on this blog, he still owns 1.15 billion shares. That nickel a share works out to about $57.5 million when the first dividend is paid May 8, and $230 million over the next 12 months.
But why wait. This was a pretty good week all by itself. Oracle stock jumped $1.50 a share on that stellar earnings news, worth well over $1 billion that day in profits for Ellison.
As we keep detailing bitter losses, a rough market, and that Forbes list that saw so many billionaires turn into millionaires instead, isn't it nice to see someone make money for a change? Ellison jumped to #4 on that list not so much because he made boatloads of money but because so many others lost so much. (He's California's richest individual, by the way, and there are 36 million of is now.)
But at that level, where it's all about score-card wealth, #4 is #4 no matter how you got there. And $1 billion dollars in profits certainly means a hell of a lot more today than it did a year ago.
The Oracle dividend is icing on an already very tasty Ellison cake. Geez, you just gotta love Larry.
Questions? Comments?
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