Larry Ellison reportedly looks to spend about $60 million to back Tim Scott's presidential bid

By Mike Murphy

The Oracle co-founder and Republican megadonor has donated at least $30 million to a pro-Scott super PAC since 2021

Oracle Corp. (ORCL) co-founder Larry Ellison is reportedly planning to spend upward of $60 million to support the presidential campaign of Republican Sen. Tim Scott.

Citing sources familiar with Ellison's plans, CNBC reported Monday that the Republican megadonor who has already donated at least $30 million since 2021 to Opportunities Matters Fund, a pro-Scott super PAC, is likely to double that amount in contributions this year.

Ellison was the ninth-largest donor during the 2021-'22 election cycle though last September, according to a MarketWatch analysis of Federal Election Commission data.

Also see:As Tim Scott launches his campaign, here are the Republicans running for president in 2024

Other major donors to the super PAC in the 2022 election cycle include Sherman Financial Group CEO Benjamin Navarro, Citadel CEO Ken Griffin, New Balance owner and Chairman James S. Davis and Apollo Global Management (APO) CEO Marc Rowan, according to OpenSecrets.

The super PAC has rebranded for Scott's presidential run, to Trust In the Mission (TIM) PAC.

Ellison attended Scott's 2024 kickoff announcement Monday in North Charleston, S.C., with Scott calling him "a great mentor."

Ellison has a net worth of about $114 billion, according to the Bloomberg Billionaire's Index, up about $22 billion over the past year.

-Mike Murphy

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05-22-23 2044ET

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