January 31, 2006
Billionaire's Budget - Larry Ellison
Even billiionaires need a spending budget.
In the e-mails, which stem from a recent shareholder lawsuit against the technology titan, Ellison's accountant, Philip Simon, warns the billionaire about his habitual runaway spending. Like a concerned parent, Simon chides Ellison for overextending himself on a new yacht, on his America's Cup team and on his new houses in Woodside and Malibu. “I'm worried, Larry ...” Simon wrote to Ellison in a 2002 e-mail. “I think it's imperative that we start to budget and plan.”
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.
