Larry Ellison has abruptly shut down the foundation he spent years setting up

The Oracle billionaire has made a drastic decision yet again so he can focus on combating

Curated via Twitter from Recode’s twitter account….

Ellison has decided to disband the team and program that worked for his sole philanthropy organization, the Larry Ellison Foundation, as part of an attempt to refocus his giving on combating the coronavirus, according to an email sent by the leader of one of Ellison’s grantees and obtained by Recode.

Viswanathan said in her email to the nonprofit’s leadership that she was confident that Reach to Teach could survive until 2024, when the Ellison Foundation’s current grant expires, but that she will have to hire a fundraising director and consider a restructuring, even as she hopes that Ellison’s “soft spot” for the program, which he has funded since 2008, would give them the chance to receive Ellison funding again in the future.

So it is not clear what Viswanathan is referring to when she speaks of Ellison’s “medical philanthropy” in the United States — he has not publicly funded new medical grants since 2013, when the philanthropy was called the Ellison Medical Foundation.

Larry Ellison is abruptly shutting down the work of his charitable foundation, Recode has learned, yet another whiplash moment in the philanthropic history of one of the world’s richest people.

And in 2013, after spending hundreds of millions of dollars on the cause, Ellison told aides out of nowhere to halt all new funding for anti-aging research, which had been his foremost philanthropic passion. So this fits a pattern.

In 2018, Ellison brought on a new executive director, tapped high-priced consultants, launched a six-month strategic review, renamed the foundation, moved its headquarters from the Bay Area to the United Kingdom, and hired as many as a dozen advisers.

Link to original article….

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