Larry Ellison, co-founder of Oracle Corporation, has significantly increased his borrowing by pledging shares from several high-profile companies as collateral to support his son David Ellison’s bid to take over Warner Bros. Discovery. Initially planning to sell about $7.5 billion worth of Oracle stock to finance the acquisition, Larry Ellison instead opted to leverage a range of assets to avoid taxable gains associated with a sale.
New regulatory filings in California, which provide previously unreported details on his borrowing activities, reveal Mr. Ellison has pledged shares not only in Oracle but also in Tesla, SpaceX, and Paramount Skydance as collateral for multi-billion-dollar lines of credit. These arrangements are backed by major financial institutions including Citigroup, JPMorgan Chase, HSBC, UBS, and BNP Paribas.
As of September, Oracle disclosed that Ellison had 413 million shares pledged to secure his personal debt, up from 346 million shares a year earlier. These shares are valued at approximately $58 billion based on current market prices. Public estimates place Ellison’s net worth at around $161 billion, predominantly derived from his roughly 40 percent ownership stake in Oracle.
According to filings submitted by lending banks, the volume of Oracle shares held as collateral grew notably in the past year. JPMorgan and Citigroup expanded their security interests by adding shares of SpaceX and Paramount Skydance, reflecting Ellison’s increased borrowing ahead of the anticipated Warner Bros. transaction. Paramount Skydance shares would convert into Skydance stock upon the deal’s closing, which occurred on October 6, 2026.
Specific details from the filings include Citigroup raising its Oracle stock collateral from 30 million to 45 million shares and adjusting Tesla share pledges. JPMorgan expanded a loan secured in May 2025 to include additional shares from SpaceX and Paramount Skydance. UBS reported holding security over more than 30 million Oracle shares, while BNP Paribas filed a lien on 12 million Oracle shares and one million Tesla shares. HSBC has maintained security interests in Oracle stock since 2013.
Market analysts note that loans backed by highly liquid securities like Oracle stock typically cover about half of the shares’ market value at the time of borrowing, though the exact amounts Mr. Ellison has drawn remain undisclosed.
Oracle’s board governance committee conducts quarterly reviews of Mr. Ellison’s pledging activities and has concluded that he has the financial capacity to meet his obligations without selling the pledged shares. This approach exemplifies the “buy, borrow, die” wealth management strategy employed by many ultra-wealthy individuals, allowing them to preserve ownership in their holdings while accessing liquidity through debt.