Waste of money? I’m pretty sure most folks who have $7M to spend are very good with their money. They wouldn’t get where they are if they are not.
Exceptions: lottery winners, professional athletes, actors/actresses/music mega-stars, etc.
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I think you are confusing two things. Sur ethey have a lot of money, which means they can spend it. Does not mean it is the best use of money, but it probably doesnt matter to them
And money management skills and ultra rich company founding skills are also probably different. Folks here are good with their money, but most if not all doesnt have a start up etc.
Explain 
Mad money, 10x, you know what i mean, obviously.
Can’t be done for billionaires. I would rather be a billionaire and bad with money 
Was 8.5 in 2016 a real transaction? That seems expensive for the time.