Larry Ellison Invests $1B In Tesla (NASDAQ:TSLA)

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. Musk courted controversy in 2018, prompting the Securities and Exchange Commission to order greater board oversight after he tweeted in August that he had financing and investor support for a buyout at $420 a share.

It's a particularly notable amount of money considering Ellison, who has described himself as a close friend of CEO Elon Musk, was brought on as an independent director at Tesla last month as part of the company's moves to placate the SEC in the wake of Elon Musk's tweets claiming that he meant to take the carmaker private at $420 per share and that he had "funding secured" for such a move, which in turn led to the company being sued by the regulatory commission for allegedly misleading investors.

Ellison's swelling stake may prove of further importance to Musk in this time of vulnerability.

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. Ellison, along with Walgreens executive vice-president and human resources head Kathleen Wilson-Thompson, joined the board as of December 27th.

Ellison, 74, indirectly owns 3 million Tesla shares through the Lawrence J. Ellison Revocable Trust, according to the filing.

Ellison is the world's ninth-richest person with a net worth of US$51.4 billion, according to the Bloomberg Billionaires Index. 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. It represents about 1.7% of Tesla's shares outstanding. His stake in Oracle is worth about $39 billion. He criticized how the media had covered Musk, whom he lauded for "landing rockets" and called a close friend.

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