Tech titan Ellison, the initial announcement read, "purchased 3 million shares earlier this year".
Oracle Corp. founder Larry Ellison has emerged as the second-biggest individual investor in Tesla Inc. with a holding worth $1 billion in the electric carmaker.More news: Egypt gets biggest cathedral in Middle East
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.
The holding was confirmed in a regulatory filing Tuesday, less than two weeks after Ellison joined 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. 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.More news: United Kingdom new vehicle sales record biggest fall since financial crisis
Previously, Ellison-whose net worth is estimated at $54.5 billion, according to Forbes, making him the 10th-richest person on the planet-has stated he fells Musk had been treated unfairly by the media, mocking both the widespread coverage of the CEO smoking marijuana on The Joe Rogan Show podcast and journalists for writing stories decrying Musk.
Tesla shares were trading 0.9 percent higher at $338 million in the pre-market in NY, giving a market value of $58 billion. That would put Musk's total stake in the company at a value of roughly $11.3 billion. The board member has been a close friend and ardent defender of Musk and Tesla in the wake of criticism.More news: Shaqiri convinced Liverpool depth will aid response to Wolves loss