Larry Ellison, billionaire CEO and founder of Oracle corporation has cancelled his $115 million gift to Harvard University. Ellison, a college drop out, had pledged the funding to Harvard president Larry Summers in order to establish a global health foundation in his name. Ellison is estimated by Forbes to be the 15th richest man with assets worth $16 billion.
In late 2005, as part of an insider trading settlement, Ellison agreed to donate $100 million to a charity of his choice. He chose his own Ellison Medical Foundation and has contributed $5 million to it, according to an Oracle spokesman.