Larry Ellison discloses $1 billion stake in Tesla

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Oracle Corp.’s Larry Ellison has disclosed a $1 billion stake in Tesla Inc.

The holding in the luxury electric car-maker was revealed in a filing with the Securities & Exchange Commission.

Ellison, a long-time friend of Tesla














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  chief executive officer Elon Musk, joined the electric car maker’s board in December and he has been critical of what he charges is unfair media coverage of the outspoken Musk.

Tesla named Ellison














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  and an executive from Walgreens














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  to its board as part of a settlement with regulators who demanded more oversight of the CEO. Musk drew SEC scrutiny in early August when he said in a tweet that he had “funding secured” to take the electric car company private at $420 per share, a claim he later walked back. The SEC accused Musk of securities fraud. They accepted the board shuffle and $20 million in penalties to settle the case.

Read: Tesla stock gains after company breaks ground on Chinese factory

Ellison, in October, said Tesla was his second-largest investment, although he was not more specific at the time.

Ellison ranks as the world’s ninth-richest person with a net worth of $51.4 billion on the Bloomberg Billionaires Index.

Tesla shares are up about 0.9% in Tuesday’s premarket after a more than 5% jump Monday. The stock is down about 0.4% over the last 12 months, according to FactSet. It is up 0.6% so far in January.

Read: This generous tax credit will make Tesla owners smile

2019-01-08 12:45:00

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