Larry Ellison holds a more than $1bn stake in Tesla, an regulatory filing has confirmed less than a fortnight after the billionaire Oracle founder was appointed to the board of the electric vehicle maker. His 1.75 percent stake makes him Tesla's second-biggest individual investor after co-founder and CEO Elon Musk. Tesla announced Ellison's appointment to the board in December.
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".More news: Former LSU lineman has leg amputated after getting shot by dog
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.
The 10-figure holding was revealed in a filing with the U.S. Securities & Exchange Commission. 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: Kermit the Frog helps kick off annual Doodle for Google contest
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 SEC accused Musk of intentionally making "false and misleading" statements about Tesla's privatization plans. Both he and the company agreed to pay $20 million penalties and added Ellison and human resources expert Kathleen Wilson-Thompson as directors. He also criticised how the news media had covered Musk and called him a close friend.More news: AMD's 7nm Radeon Vega VII takes aim at Nvidia's RTX 2080
Tesla's press office didn't immediately respond to an e-mail requesting comment on Ellison's holding.