During the 1920s, he was nicknamed "Lizz" Elizalde, playing the clarinet and the saxophone alongside his brother Fred.
[7] After World War II, Elizalde became president of the company after his brother Mike decided to step down from the position in order to focus on his diplomatic career.
In 1946, Elizalde and his brothers established Manila Broadcasting Company to acquire the radio stations KZRH and KYRC.
[8] From the 1920s to the 1930s, Elizalde was an avid polo player together with his brothers Mike, Juan Miguel and Ángel.
In January 1937, the Elizalde brothers inaugurated the Los Tamaraos Polo Club in Tambo, Parañaque after resigning their memberships in the Manila Polo Club in protest to the rejection of the membership application of Manuel Nieto, aide-de-camp of Philippine President Manuel L. Quezon.