Tesla Confirms That Larry Ellison Owns A Billion Dollar Stake In The Company

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According to a recent filing by Tesla (NASDAQ:TSLA) well-known billionaire Larry Ellison owns a stake in Tesla worth about $1 billion dollars. At current market prices, Ellison's stake is likely somewhere near 3 million shares of the EV automaker.

If you are a regular of Wccftech's Finance column, you'll remember back in October Elon Musk settled with the U.S. 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.

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Then, despite blasting the SEC again via Twitter only a few days prior, it was announced on the first day of October last year that Musk would stay on as CEO - only this time with two additional independent directors sitting on his board; an attempt to wrangle in the eccentric CEO as envisioned by officials at the SEC.

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Only weeks later we were informed that Larry Ellison, another eccentric self-made billionaire, would be one of the directors appointed to Tesla's board. Ellison is the world's sixth richest man according to Forbes and was often cited as a major investor in Tesla. Kathleen Wilson-Thompson, head of Walgreen's HR will fill out the second seat.

Ellison made his wealth by founding the world's most popular database software, Oracle (NASDAQ:TSLA) in the late 70s.

Ellison is worth just shy of $60 billion and according to Tesla's filing his personal investment now stands at a billion dollars. He told reporters back in October this was his second largest investment, but didn't go into details in terms of how much that position was worth.

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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. TSLA shares largely withered the major tech sell-off during last quarter and was actually up last year about seven percent.

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 author has no position in any of the stocks mentioned. NewAgeAds LLC has a disclosure and ethics policy.
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