Jan 8, 2019 - 06:23 pm

Larry Ellison becomes second largest Tesla investor


Oracle founder Larry Ellison has acquired a $1 billion stake in Tesla, according to the U.S. Securities and Exchange Commission (SEC), making him the company’s second-largest individual shareholder. Just a few days ago, Tesla announced the appointment of Ellison as an independent director to its board of directors.

According to reports, the 74-year-old, who is considered a close friend of Tesla boss Elon Musk, now indirectly owns three million Tesla shares via the Lawrence J. Ellison Trust. That makes 1.75 per cent of the shares. As a single shareholder, only Musk itself holds a larger stake in the company at 20 per cent.

Ellison’s appointment as an independent director on the board of directors is, by the way, related to mandatory measures from the settlement with the U.S. SEC, which was concluded after Musk’s controversial statements about a possible withdrawal from the stock exchange. The settlement included the appointment of two new independent directors to Tesla’s board of directors. This condition was fulfilled with the appointment of Kathleen Wilson-Thompson and Ellison.

bloomberg.com, bizjournals.com


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Found on electrive.com
08.01.2019 18:03