Ellison to get a huge payday

NetSuite has filed its plans for an initial public offering of stock yesterday.

According to AP, when the company floats one of the biggest beneficiaries will be Ellison who launched the outfit nine years ago and controls a 61 percent stake in NetSuite. His kids David and Margaret have another 13 percent as part of their trust fund.

NetSuite is unprofitable, having accumulated losses of $193 million. However it is one of the fastest growing providers of business software that is leased over the Internet. Wall Street thinks that it might even make money one day.

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