Larry Ellison discloses $1B stake in Tesla

Larry Ellison Invests $1B In Tesla

Billionaire Oracle founder Larry Ellison reveals $1bn stake in 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.

The billionaire, 74, indirectly owns 3 million Tesla shares through the Lawrence J. Ellison Revocable Trust, according to a filing made to the U.S. Securities and Exchange Commission.

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Tesla named Ellison, who's reportedly close friends with chief executive Elon Musk, to its board in December as part of a settlement with the SEC, which was created in part to enhance oversight at the company.

The change comes less than two weeks after Tesla dropped the price of all of its models by $2,000 to make up for a reduction in the federal tax credit that they qualify for. Tesla announced Ellison's appointment to the board on December 28. While Tesla has still failed to meet its previously projected production goal of 5,000 Model 3 vehicles a week, their delivery of 63,150 Model 3 vehicles in the fourth quarter was a solid improvement. Ellison is the world's sixth richest man according to Forbes and was often cited as a major investor in Tesla. He went off-script during an Oracle meeting with analysts in October to announce that he had been building a personal stake in Tesla and that it was his second-largest holding.

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The regulator said this and other claims by Musk were false and misleading and affected Tesla's stock. He had been critical of the media's treatment towards Mr Musk, who previous year also courted controversy by smoking marijuana during a live internet radio show and for comments aimed at a British diver during the Thailand cave rescue.

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