Published: Thu, January 10, 2019
Economy | By

Larry Ellison Invests $1B In Tesla

Larry Ellison Invests $1B In Tesla

Ellison owns 3 million shares of Tesla.

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.

Musk also courted controversy previous 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. As a newly-minted Tesla board member you can do what Elon needs most: Next time Musky does something indefensibly douchey, you find the nearest news outlet and offer up "Elon's not an asshole".

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. The 1.75 per cent stake makes him the second-largest disclosed individual shareholder after Musk, the chief executive officer who owns about a fifth of the company, according to data compiled by Bloomberg.

During an analyst meeting in October, Mr. Ellison said Tesla was his second-largest investment, without giving further detail, and described himself as a "close friend" of Mr Musk.

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. This prompted the Securities and Exchange Commission to order greater board oversight, which said that this and other claims by him were false and misleading and affected Tesla's stock.

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