Oracle's Ellison reveals US$1B stake in Tesla

Lloyd Doyle
January 10, 2019

The 74-year old Oracle founder has indirectly invested in the company through the Lawrence J Ellison Revocable Trust, making him the second-largest disclosed individual shareholder after Musk, who owns about a fifth of the company.

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.

Ellison's intentions for the board and Tesla are not known, and neither are his ownership goals. It's now one of the most valuable vehicle companies in the world, turning out more than 4,700 Model 3s each week after struggling a year ago to get just a few hundred off assembly lines. SEC in regards to his fraud case stemming from a wild round of tweets the CEO sent out musing on the possibility of taking Tesla private at $420 a share. Ellison's now $1 billion in shares represents a mere sliver of his $51.4 billion in wealth.

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 features as the world's tenth-richest person with a net worth of $58.5 billion on Forbes Billionaires 2018 List.

Ellison said Tesla was his second-largest investment in October without being more specific. He also criticised how the news media had covered Musk and called him a close friend.

Other reports by Iphone Fresh

Discuss This Article