Billionaire Oracle founder Larry Ellison reveals $1bn stake in Tesla

Billionaire Oracle founder Larry Ellison reveals $1bn stake in Tesla

Larry Ellison holds a more than $1bn stake in Tesla, an regulatory filing has confirmed less than a fortnight after the billionaire Oracle founder was appointed to the board of the electric auto maker. Musk lauded China's efficiency and speed of development, adding it was hard to imagine Tesla could complete all procedures for the factory in such a short period of time. Shares of the company slid 2 per cent to US$328.40 at 11:34 NY.

The billionaire, 74, indirectly owns 3 million Tesla shares through the Lawrence J. Ellison Revocable Trust, according to a filing made to the U.S. Securities and Exchange Commission. His 1.75 percent stake makes him Tesla's second-biggest individual investor after co-founder and CEO Elon Musk. Tesla announced Ellison's appointment to the board on December 28.

Tesla will strive to build the Shanghai factory into one of the most advanced factories in the world, and will localize the products according to the needs of the Chinese market to better achieve mutual benefit and win-win results, according to Musk. At an analyst meeting in October 2018, he said he had been building a personal stake in Tesla and that it was his second-largest holding, media reports stated.

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Musk drew scrutiny from regulators in August when he tweeted that he was taking the company private at $420 share and had secured the necessary funding, initially causing Tesla's shares to spike.

Dropping the entry-level Model X may also push buyers who want a more affordable electric luxury SUV to Tesla's new competition.

The regulator said this and other claims by Musk were false and misleading and affected Tesla's stock.

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