Published: Wed, January 09, 2019
Economy | By

Oracle's Ellison Reveals $1 Billion Stake in Tesla

Oracle's Ellison Reveals $1 Billion Stake in Tesla

In a filing with the Securities and Exchange Commission yesterday, Oracle chief executive and newly-minted Tesla board member Larry Ellison has revealed that he owns 3 million shares of the electric vehicle company known to the NASDAQ as $TSLA-an amount that, at the stock's January 8th pre-market value of $334.96, works out to a cool one billion dollars. He indirectly owns 3 million shares through the Lawrence J. Ellison Revocable Trust.

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.

The holding was confirmed in a regulatory filing Tuesday, less than two weeks after Ellison joined Tesla's board.

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

Tesla, emerging from a tumultuous year in which it struggled to meet production targets for its Model 3 sedan, has become one of the world's most valuable automakers. 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.

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

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.

Tesla shares were trading 0.9 percent higher at $338 million in the pre-market in NY, giving a market value of $58 billion. He criticized how the news media had covered Musk, whom he lauded for landing rockets and called a close friend.

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