Thursday, 24 January, 2019

Larry Ellison discloses $1B stake in Tesla

Billionaire Oracle founder Larry Ellison reveals $1bn stake in Tesla Larry Ellison discloses $1B stake in Tesla
Priscilla Morrison | 10 January, 2019, 03:10

At current market prices, Ellison's stake is likely somewhere near 3 million shares of the EV automaker.

Larry Ellison, the founder of Oracle Corporation, has acquired 3 million Tesla shares for $1 billion, the carmaker confirmed in a regulatory filing on January 8.

The 1.75pc stake makes him the second-largest disclosed individual shareholder after "close friend" and Tesla founder Elon Musk. Musk also courted controversy in 2018, with the SEC ordering greater board oversight following the CEO's claims in August of having funding and investor support for a buyout. Tesla announced Ellison's appointment to the board in December.

Only weeks later we were informed that Larry Ellison, another eccentric self-made billionaire, would be one of the directors appointed to Tesla's board.

More news: Bullard Warns of a U.S. Recession If Fed Keeps Raising Rates

The SEC accused Musk of intentionally making "false and misleading" statements about Tesla's privatization plans.

Tesla shares were trading 0.9 percent higher at $338 million in the pre-market in NY, giving a market value of $58 billion.

Ellison, 74, is the world's ninth-richest person with a net worth of US$51.4 billion on the Bloomberg Billionaires Index.

Ellison is worth just shy of $60 billion and according to Tesla's filing his personal investment now stands at a billion dollars. He had been critical of the media's treatment towards Mr Musk, who a year ago also courted controversy by smoking marijuana during a live internet radio show and for comments aimed at a British diver during the Thailand cave rescue.

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