Exactly, which he says is stupid. That's why Buffett and Gates have been pushing so hard to get other billionaires to pledge to donate as much as them. Larry Ellison is one of the more recent tech execs to take the pledge.
For what it's worth, Larry Ellison also personally started and funds the Ellison Medical Foundation, which distributes on the order of 100 million dollars (cite: wikipedia: Larry Ellison) per year to leading academic biologists for research into the diseases of the elderly and how to stop them. Grant recipients are selected by a panel of scientists.