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American billionaire Larry Ellison's cancer research center in Los Angeles plans to lay off 88 employees early next year, a sizable cut to the workforce at the institute the Oracle Corp. co-founder started with about $200 million of his own money.
Ellison Institute LLC, which operates as the Ellison Medical Institute, told California's Employment Development Department in a Worker Adjustment and Retraining Notification filing that the job cuts at its campus at 12414 Exposition Boulevard in West Los Angeles will be permanent and take effect on Jan. 3, 2027.
California's WARN law requires employers with 75 or more workers to give at least 60 days' warning before a mass layoff, relocation or closure, giving workers and local job agencies time to prepare.
A $200 million bet on cancer
Ellison gave about $200 million in 2016 to set up the institute, which began as the Lawrence J. Ellison Institute for Transformative Medicine in partnership with the University of Southern California. Its researchers work on cancer treatment and diagnosis, combining biology with data science and technology, an area Ellison has championed for years. He has said artificial intelligence will make personalized cancer vaccines possible and sharply cut the time needed to produce them.
His largest research venture is now in England. The Ellison Institute of Technology, which he founded in Oxford, England, is building a large research campus there focused on health, food security, climate and artificial intelligence.
Ellison, 82, co-founded Oracle in 1977 and remains its chairman and chief technology officer. His Oracle stake has made him one of the world's richest people, and he has spent heavily outside the software business this year. He committed about $14 billion in equity financing and provided an irrevocable $40 billion personal guarantee to support the acquisition of Warner Bros. Discovery Inc. by Paramount Skydance Corp., the media company run by his son, David Ellison.
Ellison has signed the Giving Pledge, committing to give away most of his fortune.
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