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Larry Ellison Invests $1B In Tesla

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Larry Ellison Invests $1B In Tesla

Oracle Corporation (NYSE: ORCL) founder Larry Ellison is digging his claws deeper and deeper into his latest project.

What Happened

At the time of his appointment last month to the Tesla Inc (NASDAQ: TSLA) board, Ellison disclosed ownership of 3 million company shares, according to an SEC filing.

Tesla has long been his second-largest investment, but there’s little stopping him from making it his first. Ellison’s now $1 billion in shares represents a mere sliver of his $51.4 billion in wealth.

Why It’s Important

Even with his stake, Ellison is far from the firm’s largest shareholder. CEO Elon Musk still holds that title with 33.7 million shares — the most of any individual or institutional investor.

With 20 percent of the company, Musk’s superior investment, and his intended expansion of that position, ensures his continued influence over the automaker even as regulatory agents and some insiders seek to diminish his role.

Ellison’s swelling stake may prove of further importance to Musk in this time of vulnerability. The board member has been a close friend and ardent defender of Musk and Tesla in the wake of criticism.

What’s Next

Ellison’s intentions for the board and Tesla are not known, and neither are his ownership goals.

At time of publication Tuesday morning, Tesla traded up 2.7 percent at $344 per share.

Related Links:

Ives, Munster Like Tesla's New Board Members

Tesla Names Oracle's Larry Ellison, Walgreens' Kathleen Wilson-Thompson To Board

Larry Ellison photo by Oracle via Wikimedia. 

Posted-In: Elon Musk Larry EllisonNews Insider Trades Top Stories Best of Benzinga

 

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