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Oracle Founder Larry Ellison Reveals $1 Bln Stake In Tesla

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Oracle Corp.'s (ORCL) founder Larry Ellison has revealed a $1 billion stake in Tesla Inc. (TSLA), making him the second-biggest individual investor in the luxury electric car maker.

In a filing on Monday with the Securities and Exchange Commission, Ellison said he indirectly owns 3 million common shares in Tesla through the Lawrence J. Ellison Revocable Trust.

Ellison, currently Chairman and Chief Technology Officer of Oracle, is a long-time friend of Tesla's Chief Executive Officer Elon Musk. Ellison founded Oracle in 1997 and also served as its CEO until September 2014.

In late December, Tesla appointed Ellison and Walgreens Boots Alliance executive Kathleen Wilson-Thompson to its board.

The new appointments to the Tesla board were in compliance with a settlement reached with U.S. securities regulators over Musk's taking private tweet. Musk, Tesla's largest shareholder, also agreed to step down as the chairman and pay $40 million in penalties.

The SEC charged Musk with fraud in September 2018 for a series of false and misleading tweets about a potential transaction to take Tesla private.

In August, Musk had tweeted he could take Tesla private at $420 per share and that funding for the transaction had been secured, adding that the only remaining uncertainty was a shareholder vote.

Tesla said last week that its production in the fourth quarter grew to 86,555 vehicles, 8 percent more than its prior all-time high in the preceding third quarter. The quarterly deliveries grew to 90,700 vehicles, which was also 8 percent more than the prior all time-high in the third quarter.

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