Larry Ellison Spending Way Too Much

By Alice Hill
RealTechNews

I have never been a fan of Larry Ellison. The Oracle co-founder and CEO has amassed billions ($17 bil and counting) and gets warm write ups on his yachting adventures and renowned hatred for Bill Gates, but if you have ever seen him in person you’d get an instant chill down your spine. Let’s just say that as arch-villans go, he plays the part with zest.

So I am sure the world is delighting in the memos that have surfaced from his accountant on his refusing to sell his Oracle shares and instead borrow lavishly against them. If there is anything to be learned from the dot com bomb, it’s this: don’t borrow against your shares. What goes up usually comes down.

Some highlights:

According to documents unsealed by a judge in the shareholder lawsuit, Ellison habitually pushes his credit limit of more than a billion dollars to its maximum to finance his yachts and homes. And that’s not even counting some $20 million a year he burns through in miscellaneous lifestyle expenses.

1) Life Style — annual $20m
2) Interest Accrual — annual $75m
3) Villa in Japan — $25m
4) New Yacht — $194m — over 3 yrs
5) America’s Cup — $80m — over 3 yrs
6) UAD — 12m over 3 yrs.”
Source: SF Gate

We Say: Damn. I’d trade ole Larry any day for his problems.