Larry Ellison discloses $1B stake in Tesla

By TeslaFOXBusiness

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Oracle co-founder Larry Ellison disclosed in a U.S. Securities and Exchange Commission filing on Monday that he owns a $1 billion stake in Tesla, making him the second-largest individual investor in the electric-car maker.

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Ellison owns 3 million shares of Tesla.

Tesla named Ellison, who’s reportedly close friends with chief executive Elon Musk, to its board in December as part of a settlement with the SEC, which was created in part to enhance oversight at the company.

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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.

The SEC accused Musk of intentionally making “false and misleading” statements about Tesla’s privatization plans. The lawsuit also alleged he “knew or was reckless in not knowing” that his statements were false and/or misleading. As part of the October settlement, Musk was required to pay a $20 million fine and relinquish his title as chair of the board.

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