Eric Charbonneau / Invision / AP; Mike Blake / Reuters
- Oracle co-founder Larry Ellison made a $ 12 billion profit on his Tesla investment.
- The tech billionaire bought the equivalent of 15 million shares in Elon Musk’s carmaker before joining the board in December 2018.
- Ellison’s stake has since risen from about $ 1 billion to $ 13 billion.
- Musk is close friends with Ellison and visits him on his Hawaiian island in December.
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Larry Ellison, co-founder of Oracle, has amassed a $ 12 billion profit for his Tesla share in just over two years.
The software giant’s chief technology officer and former CEO bought the equivalent of 15 million shares in Elon Musk’s electric vehicle business before joining the board in December 2018.
Tesla’s share price has since risen by about 1,200%, increasing the value of Ellison’s approximately 1.6% stake from about $ 1 billion to more than $ 13 billion.
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Ellison is Tesla’s second largest individual shareholder after Musk. He revealed that his bet on the carmaker was his second biggest investment during a call with Oracle analysts in October 2018.
The technical billionaire also described Musk and himself as ‘very close friends’. Indeed, Musk flew to Lanai – Ellison’s Hawaiian island – last month. get advice of the Oracle CEO.
Ellison’s Tesla bet helped raise his fortune to about $ 81 billion, making him the 10th richest person in the world, according to the Bloomberg Billionaires Index. Musk tops the rankings with a net worth of $ 200 billion.
Here’s a chart showing Tesla’s astonishing share price gain over the past three years:
Market Insider