Oracle (ORCL) CEO Goes Long on Pineapples
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Larry Ellison, the unorthodox CEO of tech giant Oracle (Nasdaq: ORCL) is buying a 98 percent stake in Hawaii's sixth largest island, Lanai. Ellison, considered by many to be a ruthless business man and a genius with regard to marketing, is the third richest person in America. Ellison's net worth is believed to be $36 billion. So, dropping an estimated $500 million to purchase an island in Hawaii isn't a stretch.
Lanai is a small, sparely populated tropical island. Because of its relative isolation and lack of infrastructure, unemployment is high. Seventh-generation Lanaian resident Sol Kahoohalahala said "I look at this as a potential opportunity for us to get the new owner to look at Lanai in terms of an island that needs to work at sustaining itself. Tourism cannot be the only economic engine on Lanai."
Aside from sunning himself, it is unknown what plans Ellison has for Lanai, but early indications are that residence there have high expectations. In the end, buying an entire island may not be all it's cracked up to be. Then again, most people will never know.
Lanai is a small, sparely populated tropical island. Because of its relative isolation and lack of infrastructure, unemployment is high. Seventh-generation Lanaian resident Sol Kahoohalahala said "I look at this as a potential opportunity for us to get the new owner to look at Lanai in terms of an island that needs to work at sustaining itself. Tourism cannot be the only economic engine on Lanai."
Aside from sunning himself, it is unknown what plans Ellison has for Lanai, but early indications are that residence there have high expectations. In the end, buying an entire island may not be all it's cracked up to be. Then again, most people will never know.
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