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☆ Oracle's cloud business, which runs TikTok, could be hurt the most from Biden's new proposed restrictions for China
▼ + stars: | 2023-07-06 | by ( Julie Bort | ) www.businessinsider.com time to read: +4 min

Most US cloud companies won't be too hurt except perhaps Oracle, which runs TikTok. US cloud computing companies are about to be the latest target in the discord between the Biden administration and China. That loophole involves cloud computing companies. They merely have to pay for cloud computing services offered by the largest cloud providers. Chinese companies have plenty of local cloud providers to use for their cloud computing needs, like Tencent and Alibaba Cloud.

Persons: Biden, Bernstein, Mark Moerdler, Moerdler, Moerdler isn't, Ampere, Larry Ellison, Joe Biden, Julie Bort Organizations: Morning, Oracle, Wall Street, Amazon Web Services, Google, Microsoft, TikTok, Nvidia, supercomputing, AMD, Twitter Locations: China, Beijing

☆ Galym Imanbayev went from Stanford School of Medicine to venture capital. Here's why he says his medical training has been so crucial to becoming an investor at Lightspeed.
▼ + stars: | 2023-06-30 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +8 min

During his senior year of high school, Imanbayev discovered another interest, entirely by chance. After mistiming his MCAT, Imanbayev faced one gap year before he could start medical school. As he jumped into the grueling demands of medical school, Imanbayev said that for everything he studied, there were additional things he wanted to add on and learn. Helping Lightspeed push into healthtech investingSince 2020, Imanbayev has been a partner at Lightspeed focusing on the health sector. Imanbayev himself has spearheaded investments for Lightspeed in the healthcare-equity startup Soda Health and the virtual-care startup Wheel.

Persons: Galym Imanbayev, he'd, Mark Zuckerberg, Larry Ellison, Jack Dorsey, Imanbayev, Imanbayev's, Dean Lloyd Minor's Organizations: Stanford, VC, Lightspeed Venture Partners, Co, Oregon Health & Science University, Martis, Stanford School of Medicine, Stanford Graduate School of Business, Lightspeed, Ancora Biotech, Soda Health Locations: Kazakhstan, Soviet Union, Portland , Oregon

☆ Oracle extends its flagship database to Ampere's computing chips
▼ + stars: | 2023-06-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Brian Snyder/File PhotoMENLO PARK, California (Reuters) - Oracle on Wednesday said that it has modified its flagship database software to work on a new category of computing chip, starting with chips from Ampere Computing, a startup founded by former Intel executives. Oracle’s database software is used by major banks and corporations to track transactions. On Wednesday, Oracle said that the database will now also run on chips made based on a technological architecture from Arm Ltd, the same underlying technology that is in mobile phones. Ellison said Ampere’s chips are much more power efficient than offerings from its other two major chip suppliers, Advanced Micro Devices and Nvidia. By upgrading to Ampere, we’re able to take that room, double the compute and stay within the same power envelope,” Ellison said.

Persons: Brian Snyder, Ampere, Intel’s, “, We’ve, we’ve, Larry Ellison, Ellison, we’re, ” Ellison Organizations: REUTERS, MENLO, Oracle, Ampere Computing, Intel, Arm Ltd, Ampere, Amazon Web Services, Devices, Nvidia Locations: Burlington , Massachusetts, U.S, , California, Ampere

☆ Oracle spending 'billions' on Nvidia chips this year, Ellison says
▼ + stars: | 2023-06-28 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File PhotoMENLO PARK, California, June 28 (Reuters) - Oracle Corp (ORCL.N) is spending "billions" of dollars on chips from Nvidia Corp (NVDA.O) as it expands a cloud computing service targeting a new wave of artificial intelligence (AI) companies, Oracle founder and Chairman Larry Ellison said on Wednesday. Oracle is also spending "billions" of dollars on Nvidia chips but even more on central processor units (CPUs) from Ampere Computing, a chip startup it has invested in, and Advanced Micro Device Inc (AMD.O), Ellison said at an Ampere event. "This year, Oracle will buy GPUs and CPUs from three companies," Ellison said. "We will buy GPUs from Nvidia, and we're buying billions of dollars of those. Other companies such as CoreWeave, which earlier this year raised a fresh $200 million of funding, are also targeting AI companies with cloud hardware that relies heavily on Nvidia chips.

Persons: Mike Blake, Larry Ellison, Ellison, Oracle, Stephen Nellis, Richard Chang Organizations: REUTERS, MENLO, Oracle Corp, Nvidia Corp, Oracle, Amazon Web Services, Microsoft Corp, Ampere Computing, Device, Nvidia, Ampere, AMD, Google, Thomson Locations: Los Angeles , California, U.S, , California, Menlo Park , California

☆ 10 Things in Tech: Titan sub debris, tough questions at Microsoft, and kei trucks
▼ + stars: | 2023-06-23 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Scott Guthrie, Microsoft's executive VP of cloud and AI, oversees Azure and Microsoft 365 cloud software. Microsoft's cloud boss faces tough questions about pay and low morale, leaked messages show. Microsoft employees blasted the company's decision to pause pay raises and cut bonuses and stock awards ahead of a cloud meeting. Son told the company's annual shareholder meeting he believed his firm will be a winner in the AI race thanks to its investments. The tiny Japanese trucks are about 11 feet long and are typically limited to 25 miles an hour.

Persons: Nathan Rennolds, let's, Scott Guthrie, Stephen Lam, he'd, Satya Nadella, Kathleen Hogan, Dimitrios Kambouris, Twitter hasn't, Larry Ellison, Elon Musk's, David Tinson, Masayoshi Son, Son, Ziwei Li, Deb Liu, Elon, Mark Zuckerberg, Zuckerberg, Musk, it's, Read, Jack Sommers Organizations: US Navy, Microsoft, Twitter, Oracle, FIFA, Lyft, Getty, Meta Locations: London, Lyft, Japan

☆ Warren Buffett's charitable giving tops $51 billion
▼ + stars: | 2023-06-22 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

June 22 (Reuters) - Warren Buffett has donated another $4.64 billion of Berkshire Hathaway (BRKa.N) stock to five charities, boosting his total giving since 2006 to more than $51 billion. Buffett is donating 10.45 million shares to the Bill & Melinda Gates Foundation, which has received more than $39 billion of Berkshire stock overall. He still owned more than $112.5 billion, or about 15%, of Berkshire shares following Wednesday's donations. The Susan Thompson Buffett Foundation works in reproductive health. The Howard G. Buffett Foundation focuses on alleviating hunger, mitigating conflicts and improving public safety.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Melinda Gates, Susan Thompson Buffett, Howard, Susan, Peter, Howard G, Bill Gates, Michael Bloomberg, Larry Ellison, Carl Icahn, Elon Musk, Mark Zuckerberg, Jonathan Stempel Organizations: Melinda Gates Foundation, Susan Thompson Buffett Foundation, Buffett Foundation, Sherwood Foundation, NoVo Foundation, BNSF, Apple Inc, Thomson Locations: Berkshire, Omaha , Nebraska, United States, Nebraska, New York

☆ Twitter's latest vendor to go unpaid is Oracle, despite Elon Musk's friend Larry Ellison investing $1 billion in the takeover
▼ + stars: | 2023-06-21 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Oracle cofounder Larry Ellison is a fellow billionaire and longtime friend of Musk. Even Elon Musk's close friend and financial backer Larry Ellison isn't safe from the Twitter owner's refusal to pay various bills and expenses. Oracle, the company Ellison cofounded and where he remains chairman and CTO, is the latest Twitter vendor to go months without being paid for services rendered, according to two people familiar with the company. Stiffing Oracle is more of a surprise given Musk's close personal and financial relationship with Ellison. Ellison was subpoenaed as part of Twitter's lawsuit to force Musk into acquiring the company for the agreed upon price.

Persons: Elon Musk, Larry Ellison, Musk, Elon Musk's, Larry Ellison isn't, Ellison, He's, Linda Yaccarino, Kali Hays Organizations: Twitter, Oracle, Google, X Holdings, Tesla, New York Times Locations: Europe, Asia, khays

☆ Oracle lays off hundreds, rescinds job offers, and cuts open positions in its $28 billion Cerner health unit after troubles with a massive government contract
▼ + stars: | 2023-06-15 | by ( Ashley Stewart | Blake Dodge | ) www.businessinsider.com time to read: +2 min

Oracle laid off hundreds of employees in its health unit on Thursday, insiders said. Oracle Health includes health IT giant Cerner, which it acquired last year for about $28 billion. Cerner is Larry Ellison's primary focus as he bets on it to prove Oracle's cloud to the world. Oracle on Thursday laid off hundreds of employees, rescinded job offers, and cut back open positions within its health unit, three people familiar with the matter told Insider. Oracle Health includes health IT giant Cerner, which it acquired last year for about $28 billion.

Persons: Oracle, Larry Ellison's, Cerner's, Cerner, Larry Ellison, Ashley Stewart, Blake Dodge Organizations: Oracle Health, Oracle, US Department of Veterans Affairs

☆ Curiosity rover captures colorful postcard of Mars
▼ + stars: | 2023-06-14 | by ( Ashley Strickland | ) edition.cnn.com time to read: +2 min

CNN —The Curiosity rover has captured a stunning new mosaic that reveals the dramatic, colorful hues of morning and afternoon light on the surface of Mars. One panorama was taken at 9:20 a.m., while the other was taken at 3:40 p.m., both local Mars time. The image is similar to another postcard taken by Curiosity in November 2021. Curiosity has been exploring the foothills of the 3-mile-tall (5-kilometer) Mount Sharp at the center of Gale Crater since it landed in 2012. “Mars’ shadows get sharper and deeper when there’s low dust and softer when there’s lots of dust,” Ellison said.

Persons: who’s, ”, Doug Ellison, ” Ellison, Sharp, Gale Organizations: CNN, NASA, Jet Propulsion Laboratory, Sun Locations: Pasadena , California, Gale

☆ Oracle hits record after 50% surge in 2023, defying tech struggles
▼ + stars: | 2023-06-14 | by ( Jordan Novet | ) www.cnbc.com time to read: +7 min

Larry Ellison, Oracle's chairman and technology chief, speaks at the Oracle OpenWorld conference in San Francisco on September 16, 2019. For years, the database software developer lagged behind tech rivals in building cloud technology that met the demands of the modern-day enterprise. The shares are up over 50% in 2023, which would mark the best year for shareholders since the dot-com boom of 1999. Oracle got its latest boost this week after reporting stronger-than-expected earnings and revenue, prompting nods of approval from analysts. On Oracle's earnings call this week, CEO Safra Catz took a minute to express gratitude to the company's customers and employees.

Persons: Larry Ellison, Justin Sullivan, Larry Ellison's, Goldman Sachs, Ellison, Bill Gates, Let's, it's, Eric Lynch, Scharf, Salesforce, Kash Rangan, Oracle, Lynch, Safra Catz, Catz, Jefferies, Brent Thill Organizations: Oracle, Getty, Nvidia, Bloomberg, Microsoft, Scharf Investments, Google, Goldman, Amazon Web Services, Monday, Exxon Mobil, Pfizer Locations: San Francisco, TikTok, Cohere, IaaS, NetSuite, Los Gatos , California, Silicon Valley, A.I

☆ Oracle is betting its AI future on a company called Cohere. Here's why this little-known startup is becoming OpenAI's chief rival.
▼ + stars: | 2023-06-13 | by ( Julie Bort | ) www.businessinsider.com time to read: +4 min

Oracle is offering generative AI to its customers based on tech from a startup called Cohere. Oracle will be embedding Cohere's generative AI technology into a bunch of its products and Cohere will be using Oracle's cloud to train, build, and deploy its generative AI models, Oracle chairman and CTO Larry Ellison said. One is that Cohere is designed for enterprise customers, meaning companies can use their own data to train their AI models, without sharing that data. But at the moment, Cohere is the only partner Oracle announced to power its generative AI services for customers, though this could change one day. He was a research intern at Google Brain in 2017 when he co-authored a paper on a way of training AI models to improve their abilities to understand language.

Persons: Cohere, Geoffrey Hinton, Fei, Fei Li, Pieter Abbeel, Larry Ellison, That's, Ellison, OpenAI, ChatGPT, Salesforce, Aidan Gomez, cofounders, Nick Frosst, Ivan Zhang, Gomez Organizations: Oracle, Morning, NVIDIA, Salesforce Ventures, New York Times, Microsoft, Wall, Nvidia, Google, Cohere Locations: Cohere, OpenAI, Toronto

☆ Oracle beats on top and bottom lines as cloud revenue jumps
▼ + stars: | 2023-06-12 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Here's how the company did:Earnings: $1.67 per share, adjusted, vs. $1.58 per share as expected by analysts, according to Refinitiv. Revenue: $13.84 billion, vs. $13.73 billion as expected by analysts, according to Refinitiv. The company's top source of revenue, cloud services and license support, jumped 23% to $9.37 billion. Revenue from cloud infrastructure totaled $1.4 billion, which was up 76%, accelerating from 55% growth in the prior quarter. During the quarter, Oracle said more of its cloud services had received approval for use by U.S. defense and intelligence agencies.

Persons: Larry Ellison, Oracle Organizations: Oracle, Microsoft, Google, Wolfe Research, Jefferies Locations: San Francisco, Refinitiv, U.S

☆ Larry Ellison tops Bill Gates as world's fourth-richest person, Bloomberg says
▼ + stars: | 2023-06-12 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Oracle (ORCL) founder Larry Ellison is reaping the benefits of artificial intelligence popularity, edging past Microsoft (MSFT) founder Bill Gates to land the number four spot on the Bloomberg Billionaires Index on Monday, according to Bloomberg. Ellison is now the world’s fourth-richest person, with a staggering $129.8 billion net worth, Bloomberg reported. He just squeaked past Gates, whose net worth — Bloomberg reported — is currently $129.1 billion. Ellison is the largest stockholder in Oracle and owns approximately 42.9% of its shares, a 2022 SEC proxy statement said. Five years later, they renamed their company “Oracle” after their software.

Persons: Larry Ellison, Bill Gates, Ellison, Gates, —, didn’t, Safra Catz, David Geffen, Musashi Organizations: New, New York CNN, Oracle, Microsoft, Bloomberg, — Bloomberg, Bank of America, SEC, Oracle Database Locations: New York, Tesla, California, Hollywood

☆ The world's top H.P. Lovecraft expert weighs in on a monstrous viral meme in the A.I. world
▼ + stars: | 2023-06-12 | by ( Mike Calia | ) www.cnbc.com time to read: +3 min

Lovecraft's novella "At the Mountains of Madness" — aren't quite perfect, according to the world's leading Lovecraft scholar, S.T. "While I'm sure Lovecraft would be grateful (and amused) by the application of his creation to AI, the parallels are not very exact," Joshi wrote. Read more: How to talk about AI like an insiderFirst of all, it's "shoggoth," not "Shoggoth," Joshi said. "It is a species name, not a proper name," Joshi wrote in an email to CNBC. For instance, a recent fake Toronto Blue Jays ad, created by a TSN producer who used text-to-video AI tech, is packed with horrifying images such as people feasting on each other's hot dog tentacles.

Persons: H.P, S.T, Joshi, Lovecraft, it's Joshi, He's, Kevin Roose, Roose, Harlan Ellison's Organizations: Lovecraft, Providence, The New York Times, CNBC, Times, Workers, Toronto Blue Jays, TSN Locations: A.I, Antarctica

☆ Salesforce insiders say that by wooing back former execs, Marc Benioff may finally feel comfortable enough to loosen his grip
▼ + stars: | 2023-06-12 | by ( Julie Bort | ) www.businessinsider.com time to read: +5 min

Salesforce CEO Marc Benioff has been wooing back former executives for years. Insiders say that those that know Benioff best may get him to loosen his grip. Salesforce founder and CEO Marc Benioff has spent years wooing former executives back to the company. Benioff has surrounded himself with people "that know how Salesforce works and know how Benioff works" one former exec explained. With all of that new blood from aquisitions washed away, Benioff seems to think Salesforce can move forward by going back.

Persons: Marc Benioff, Brian Millham, Millham, Salesforce, Benioff, he's, Miguel Milano, Ariel Kelman, Kendall Collins, Steve Fisher, Dave Moellenhoff, Jim Steele, Clara Shih, Marc, —, Larry Ellison, Benioff's, Keith Block, Bret Taylor, Slack, Stewart Butterfield, Mark Nelson, Julie Bort Organizations: Oracle, Twitter Locations: Salesforce

In their joint venture agreement, Baker Hughes says it uses C3.ai's solutions and also sells the product to companies in the oil and gas industry. CNBC's "Last Call" aired a report Thursday night on the investor lawsuit against C3.ai and the company's relationship with Baker Hughes. The lawsuit says the publicity about the massive Baker Hughes sales force "artificially inflated C3's stock" when the company first went public. Richard Drew | APIn an April 2023 filing, Baker Hughes announced it divested 1.7 million C3.ai shares, bringing its ownership to 6.9 million shares. Kerrisdale pointed to C3.ai's "highly conspicuous growth" in unbilled receivables, largely from Baker Hughes, and wrote that "accounting red flags abound with the Baker Hughes relationship."

Persons: Tom Siebel, Siebel, Thomas M, Chris J, Ratcliffe, it's, Baker Hughes, Logan Roy, Larry Ellison, Yasmin Khorram, Dan Brennan, We've, Brennan, he's, CNBC's, Reed Kathrein, Theranos, —, Kathrein, Richard Drew, they'd, unbilled, receivables, Siebel's, Ken Goldman, Goldman, Gil Luria, Davidson, Luria, Nick Wells, Scott Zamost, Sam Woodward, Tom Siebel's Organizations: Siebel Systems, Oracle, Bloomberg Tech Summit, Bloomberg, Getty, CNBC, Forbes, Siebel, C3, U.S . Department of Defense, Shell, Northern District of, SEC, Twitter, " Traders, New York Stock Exchange, AP, Point Capital Management, Spotify, C3 Energy, Revenue, Wall Locations: London, Redwood City , CA, Redwood City , California, Northern District, Northern District of California, unbilled receivables, Point

☆ Billionaires are older than you may think
▼ + stars: | 2023-06-02 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

Flashy young founders may get a lot of attention, but the typical billionaire is older than you may think. The median age of the world's billionaires is 67, according to a new report from Altrata. The median age of the world's billionaires is 67, according to a new report from data firm Altrata. Only 10% of the world's billionaires are younger than 50 — and over 40% are older than 70. Billionaires, for what it's worth, don't seem ignorant to the fact that they are an older breed.

Persons: Altrata, Elon Musk, Kim Kardashian, Peter Thiel, Jeff Bezos, Larry Ellison, Jack Dorsey, Zuckerberg, Warren Buffett, I've Organizations: Tech, Oracle, CNBC Locations: Omaha

☆ Elon Musk has displaced Bernard Arnault as the world's richest person, as Tesla stock surges and LVMH slumps
▼ + stars: | 2023-06-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Elon Musk has reclaimed the title of world's richest person, per the Bloomberg Billionaires Index. The electric-vehicle pioneer's wealth rose in May thanks to Tesla's stock price surging. Musk surpassed Bernard Arnault on Wednesday after Paris-listed LVMH shares fell nearly 3%. Musk's wealth passed Arnault's on Wednesday after LVMH slipped nearly 3% in Paris trading, according to the Bloomberg Billionaires Index. He's still comfortably the world's second-richest person, ahead of Bezos, who's worth $144 billion.

Persons: Elon, Bernard Arnault, —, Elon Musk, LVMH, Tesla, –, Jeff Bezos –, he's, Linda Yaccarino, Arnault's LVMH, He's, Bill Gates, Larry Ellison, Steve Ballmer, Warren Buffett, Larry Page, Sergey Brin, Mark Zuckerberg, Read, Hermes Organizations: Bloomberg, Service, Privacy, Amazon, Google Locations: Paris, Bezos

NEW YORK, May 29 (Reuters) - Prosecutors urged a Manhattan federal court judge on Monday to deny a request by FTX founder Sam Bankman-Fried to dismiss criminal charges accusing him of stealing billions of dollars from customers to plug losses at his hedge fund. Bankman-Fried, the 31-year-old former cryptocurrency billionaire, has pleaded not guilty to 13 counts of fraud, conspiracy, making illegal campaign contributions and foreign bribery. In a filing late Monday, prosecutors described motions to dismiss the charges as "meritless", rebutting Bankman-Fried's argument that the indictment's allegations were insufficient and legally defective. He has also argued that some of the fraud charges he faces were based on a theory that the U.S. Supreme Court invalidated on May 11. Legal experts have said Bankman-Fried faces long odds of getting the charges tossed, because prosecutors can point to tangible money that his customers lost.

☆ Lowe's is trying to lure rural shoppers by copying Tractor Supply and selling livestock products, Carhartt, and Wrangler
▼ + stars: | 2023-05-25 | by ( Ben Tobin | ) www.businessinsider.com time to read: +4 min

Analyst group Jeffries says Lowe's may cut into Tractor Supply Co.'s rural-customer market share. They will roll out in up to 300 Lowe's stores by the end of the year and include new Carhartt apparel, an expanded Wrangler lineup, as well as items for pets, livestock, and trailers. Lowe's push to expand farm and ranch offerings could be troubling news for Tractor Supply Co., which has more than 2,000 stores nationwide. Per the Jeffries report, Lowe's rolled out a pilot of its rural concept in two stores in rural parts of Tennessee in 2020. Tractor Supply could face greater competition from Lowe's.

☆ Sam Bankman-Fried's trial involves over 6 million pages of evidence including Caroline Ellison's diary, report says
▼ + stars: | 2023-05-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried's trial has over six million pages of evidence, per the NYT. The diary of Caroline Ellison, former Almada CEO and on-off girlfriend of SBF, is also evidence. Sam Bankman-Fried's trial involves over six million pages of evidence, making it one of the biggest ever cases of white-collar securities fraud in Manhattan, The New York Times reported. The FTX cofounder has pleaded not guilty to 13 criminal counts including bank fraud, bribery, and campaign finance violations. According to The Times, 2.5 million pages of the evidence come from Bankman-Fried's phones, laptops, and Google accounts.

☆ Lowe's cuts full-year sales forecast, even as it tops earnings and revenue estimates
▼ + stars: | 2023-05-23 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

Net sales fell nearly 6% to $22.35 billion from $23.66 billion in the year-ago period, but exceeded Wall Street's expectations. Lowe's is the latest retailer to warn of slower sales ahead, as consumers become thriftier and reluctant to spend on discretionary items. Like Lowe's, Home Depot also chalked up lower sales to colder and wetter weather in the western U.S. and falling lumber prices. About 75% of Lowe's sales come from DIY customers, while Home Depot typically gets about half of its sales from home professionals. Sink said Lowe's expects sales from pros to outpace those from DIY shoppers for the rest of the year.

With only 1% of support among registered Republicans according to Reuters/Ipsos polling, Scott faces an uphill battle in his bid to win the Republican nomination to take on Democratic President Joe Biden next year. Some 49% of Republicans plan to vote for Trump, according to Reuters/Ipsos polling. Scott, 57, is likely to be the only Republican senator to jump into the race, an oddity given that the Senate has traditionally been a staging ground for Republicans with presidential aspirations. Among his political assets are his popularity in South Carolina, which plays a key role in the Republican race. Reporting by Gram Slattery; Editing by Will Dunham and Scott MaloneOur Standards: The Thomson Reuters Trust Principles.

☆ Tim Scott's biggest financial backer is Larry Ellison, a tech billionaire who owns the sixth-largest island in Hawaii and has poured $35 million into the senator's super PAC
▼ + stars: | 2023-05-22 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +6 min

Ellison has pumped $35 million into Scott's super PAC, and could legally give him millions more. On Monday, Ellison attended Scott's campaign launch in North Charleston, where Scott described him as one of his mentors. Trump's political operation includes the "MAGA, Inc" super PAC, while Florida Gov. Ron DeSantis has enjoyed the support of the "Never Back Down" super PAC. Scott's campaign isn't the first time a Republican presidential candidate has heavily relied on a single megadonor.

☆ Oracle's Larry Ellison gears up to spend millions to back Tim Scott's 2024 run
▼ + stars: | 2023-05-22 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

Oracle co-founder and Republican megadonor Larry Ellison is preparing to spend millions of dollars backing Sen. Tim Scott's run for president. The Opportunity Matters Fund PAC has been rebranded for Scott's White House run with a new name: Trust In The Mission PAC, or TIM PAC. Another veteran Republican fundraiser told CNBC that Ellison is already planning to donate up to $10 million to the TIM PAC in the early going of Scott's run. Ellison has signaled to allies that he could give at least between $20 million and $30 million more this cycle, this person said. Ellison admires Scott a great deal for the senator's strong support for Israel, according to a lobbyist who's worked with Oracle and has known Ellison for years.

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