What Happens When a Billionaire Buys Your Hometown

Hi everyone! I’m Sophie Alexander, a reporter on Bloomberg’s wealth team covering the world’s richest people, what they do with their money and how that impacts the rest of us.

Earlier this year I went to Hawaii to report out this week’s episode of The Pay Check, which is about Larry Ellison, the software billionaire and eleventh richest person on the planet. He’s part of a group of billionaires that saw their wealth skyrocket during the pandemic, at one point joining the coveted hundred-plus billion dollar club. Today, Ellison’s fortune stands around $90 billion.

Back in 2012, Ellison bought 98% of Lanai, Hawaii, the sixth largest Hawaiian island and home to around 3,000 people. The purchase came with 98% of the land, the two Four Seasons resorts there, much of the housing stock and commercial properties. Basically overnight 10 years ago, Ellison became almost everyone on the island’s boss or landlord or both.

Now, they have a new neighbor. During the pandemic, Ellison moved to the island. Since then, his projects there seem to be picking up speed — raising rents for locals and leaving them wondering if he’ll decide to axe their businesses or places of work.

To hear more about the rising tensions on Lanai, check out the episode on Apple Podcasts, Spotify, or wherever you listen to podcasts, and subscribe to hear more stories on economic inequality during the pandemic. — Sophie Alexander

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