Is it? Based on what I've seen online the company name was derived from a CIA project from the 1970s that the founders worked on, but it doesn't seem to be based on an acronym. There was an earlier unrelated project from the 1950s which used ORACLE as an acronym ("Oak Ridge Automatic Computer and Logical Engine").

If this is a joke, I clearly don't get it!

I thought it is reverse of EL CARO (”expensive” in Spanish)

"One Rich A*[CENSORED] Called Larry Ellison"? : )

EDIT: LOL, I haven't expected to be downvoted for simply putting this in a way I like : )