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

Marco Green
January 10, 2019

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

The 10-figure holding was revealed in a filing with the U.S. Securities & Exchange Commission.

Tech titan Ellison, the initial announcement read, "purchased 3 million shares earlier this year".

Investors have taken the news largely positive as Ellison is a major mover in the world of technology and his large stake in Tesla could be seen as a vote in confidence in not only Tesla but also in his personal friend, Elon Musk. Tesla announced Ellison's appointment to the board on December 28.

Musk drew scrutiny from regulators in August when he tweeted that he was taking the company private at $420 share and had secured the necessary funding, initially causing Tesla's shares to spike. Ellison's now $1 billion in shares represents a mere sliver of his $51.4 billion in wealth.

The SEC accused Musk of intentionally making "false and misleading" statements about Tesla's privatization plans. Both he and the company agreed to pay US$20 million penalties and added Ellison and human resources specialist Kathleen Wilson-Thompson as board members.

Tesla shares were trading 0.9 percent higher at $338 million in the pre-market in NY, giving a market value of $58 billion. His stake in Oracle is worth about $39 billion.

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.

Tesla's press office didn't immediately respond to an e-mail requesting comment on Ellison's holding.

Other reports by Click Lancashire

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