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Oracle Team USA keeps America's Cup victory in sight

By IVCPOST Staff Reporter | Sep 21, 2013 11:26 AM EDT
This Reuters photo shows Oracle CEO Larry Ellison. (Photo : Reuters)

Oracle Team USA kept its hopes alive of winning America's Cup. The defending champions narrowed the gap held by Team New Zealand after the latter failed to clinch the victory on Friday. Team USA bagged the day's second race and now trailed the Kiwis 8-3. The first race on Friday went over the time limit and had to be abandoned. Had the race been finished within the 40 minute time limit, New Zealand would have won the race.

Software billionaire Larry Ellison funded the defending champions. The support of the Chief Executive Officer of Oracle enabled Oracle Team USA to develop the 72 ft catamarans. These revolutionary vessels could go as fast as 50 miles per hour.

Based on data gathered by Bloomberg, Ellison was the highest paid CEO in the US for 2013. He ranked eighth on the Bloomberg Billionaires Index with a net value of USD 41.8 billion. Ellison's pay package fell by 18% this year to USD 78.4 million after giving up his yearly bonus. The company also failed to meet its profit targets this year. 

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