Larry Ellison reveals $1 billion stake in Tesla

[tacobell fan]

Oracle’s billionaire founder Larry Ellison is Tesla’s newest board member and he had to reveal in a new SEC filing that he has a stake in the company worth almost $1 billion. As part of Elon Musk’s and Tesla’s settlement with the SEC over the former’s comments about taking the company private, the board had to nominate two new “independent” directors within 90 days.

Last month, the automaker complied by appointing two new independent directors to its board: Larry Ellison, Founder of Oracle, and Kathleen Wilson-Thompson, a long-time human resources executive. Larry Ellison, who is one of the richest men on earth with a net worth of $60 billion, had previously disclosed that he made a “large” investment in Tesla last year prior to being appointed to the board.