Oracle founder confirms $1bn stake in Tesla

Oracle founder Larry Ellison announced on Tuesday that he holds a $1bn stake in the electric car maker Tesla.

This makes Ellison the second largest individual investor in the company as was confirmed in a filing on Tuesday with the U.S. Securities and Exchange Commission.

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

His 1.75% stake place him in second place on the register of individual shareholders behind only Musk, who owns about a fifth of the company, Bloomberg reported on Tuesday.

The announcement comes after he was appointed member of Tesla’s board of directors in December.

Ellison announced without warning at an Oracle meeting with analysts in October that he he had been building a personal stake in Tesla.

Tesla shares are down 1.76% on Tuesday at $329.07, albeit with the company’s share price having gained 6.9% in 2018.