Hawaii: When a Billionaire Buys Your Hometown
One of the defining trends of the pandemic has been the creation of extreme wealth at the very top. This week on The Pay Check we take a look at the booming fortunes of the world’s growing billionaire class through one man: Larry Ellison. (Net worth, give or take $90 billion.) Ellison co-founded the tech company Oracle but he may be better known for how he spends his money: yachts, mansions, a tennis tournament. In 2012, he bought an entire Hawaiian island, Lanai — home to 3,000 people. For a decade its residents have anxiously watched Ellison slowly kill their small businesses and push up rents from afar. Then, during the pandemic, Ellison moved there. Bloomberg Wealth reporter Sophie Alexander traveled down to the island to see how the billionaire’s presence has accelerated his plans, and how locals whose families have lived there for generations are managing.See omnystudio.com/listener for privacy information.