‘All Steve Had to Do Was Say Yes’: Larry Ellison Once Planned a $5 Billion Takeover of Apple Just to Make Steve Jobs CEO Again

In the annals of tech history, few “what if” moments are as dramatic as the time Larry Ellison, the brash and brilliant co-founder of Oracle (ORCL), and Steve Jobs nearly pulled off a bold takeover of Apple Inc. (AAPL) in 1997.

At the heart of the scheme? A personal mission to restore Ellison’s close friend Steve Jobs to power.

It was a Silicon Valley coup in the making — one that never materialized, but revealed the deep ambition, loyalty, and audacity of one of tech’s most iconic figures.

The Friendship That Fueled a Revolution

Larry Ellison and Steve Jobs had more than just mutual fame and fortune — they shared a rare, fiercely loyal friendship. Both were outsiders turned tech visionaries. Ellison often described Jobs as a genius and kindred spirit, and Jobs reportedly sought Ellison’s counsel during the most turbulent years of his exile from Apple.

By the mid-1990s, Jobs was running NeXT, the computer company he founded after being ousted from Apple in 1985. Meanwhile, Apple was bleeding money, riddled with executive turnover, and losing market share fast. Its stock price had cratered. Many on Wall Street were writing it off as a dying company.

Ellison saw an opportunity.

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The Plot to Buy Apple

In 1997, Ellison began laying the groundwork for a hostile takeover of Apple. The plan: team up with Jobs, buy enough stock to gain control of the company, and reinstate Jobs as CEO.

Ellison revealed he had calculated that for just $5 billion, they could secure a controlling stake in Apple — an almost inconceivably small sum today, given Apple’s current multi-trillion-dollar valuation. 

Ellison said, “My idea was simple, buy Apple, and immediately make Steve CEO. Apple wasn't worth much back then, about $5 billion dollars.”  He continued, “We both had really good credit and I had already arranged to borrow all of the money. All Steve had to do was say yes.”

Jobs, however, refused.

His reasoning was as philosophical as it was strategic. Jobs didn’t want to conquer Apple. He wanted to be asked back. Jobs believed that if he returned via a hostile takeover, he’d lack legitimacy in the eyes of Apple’s employees and the broader industry.

A Different Kind of Power Play

Ellison was reportedly stunned, but respected Jobs' decision. Instead, the two shifted focus to a more patient, behind-the-scenes maneuver. When Apple later acquired NeXT in December 1996 for $429 million, Jobs was brought in as an advisor — then quickly maneuvered his way back into power.

By September 1997, Jobs was interim CEO, and Apple’s legendary turnaround had begun.

Ellison didn’t get his takeover, but he got what he wanted: Steve Jobs back in charge of Apple.

Legacy of the Near-Takeover

This failed acquisition attempt wasn’t just about a business move. It was about loyalty, vision, and power. It also marked Ellison’s desire to extend his influence beyond Oracle — to shape the broader trajectory of Silicon Valley.

Today, that $5 billion bet looks laughably cheap. Apple is now worth over $2.5 trillion, making it one of the most valuable companies in history.

And yet, for Ellison, the point wasn’t the money. It was bringing a visionary back to the helm. 

On the date of publication, Caleb Naysmith did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.