Wednesday, 16 January, 2019

Oracle’s Larry Ellison reveals $1-billion stake in Tesla

The billionaire 74 indirectly owns 3 million Tesla shares The billionaire 74 indirectly owns 3 million Tesla shares
Priscilla Morrison | 09 January, 2019, 11:28

According to a recent filing by Tesla (NASDAQ:TSLA) well-known billionaire Larry Ellison owns a stake in Tesla worth about $1 billion dollars.

Tesla named Ellison, who's reportedly close friends with chief executive Elon Musk, to its board in December as part of a settlement with the SEC, which was created in part to enhance oversight at the company.

Both Musk and the company agreed to pay $20 million in penalties and promoted Tesla to add Ellison and human resources specialist Kathleen Wilson-Thompson as board members.

Impressive a chunk of change as $1 billion is, Ellison's 3 million shares of Tesla stock pale in comparison to CEO Musk's piece of the pie.

Ellison's intentions for the board and Tesla are not known, and neither are his ownership goals.

More news: New auto sales see biggest fall since 2008

Musk also courted controversy past year, with the SEC ordering greater board oversight following the CEO's claims in August of having funding and investor support to take the company private at $420 a share. The agency said this and other claims the CEO made on August 7 were false and misleading and affected Tesla's stock.

Ellison is the world's sixth richest man according to Forbes and was often cited as a major investor in Tesla.

Tesla closed today $335 per share and while there was a small spike after the news broke, shares traded to just about even on the day. That would put Musk's total stake in the company at a value of roughly $11.3 billion.

Ellison went off-script during an Oracle meeting with analysts in October to announce that he had been building a personal stake in Tesla and that it was his second-largest holding. He also criticised how the news media had covered Musk and called him a close friend.

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