Ellison bought around $ 1 billion in shares in the automaker from Elon Musk before joining its board of directors in December 2018.
- Oracle co-founder Larry Ellison made a $ 12 billion gain on his investment in Tesla.
- The tech billionaire bought the equivalent of 15 million shares of carmaker Elon Musk before joining its board of directors in December 2018.
- The value of Ellison’s stake has grown from around $ 1 billion to $ 13 billion since then.
- Musk is a close friend of Ellison’s and visited him on his Hawaiian island in December.
- Visit the Business Insider homepage for more stories.
Oracle co-founder Larry Ellison racked up a $ 12 billion gain on his Tesla stock in just over two years.
The chief technology officer and former CEO of the software giant bought the equivalent of 15 million shares in Elon Musk’s electric vehicle company before joining its board of directors in December 2018.
Tesla’s share price has risen by around 1,200% since then, pushing the value of Ellison’s roughly 1.6% stake from around $ 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 automaker was his second-largest investment during a call with Oracle analysts in October 2018.
The tech billionaire has also described himself and Musk as “very close friends” on the call. Indeed, Musk flew to Lanai – Ellison’s Hawaiian Island – last month for get advice from Oracle management.
Ellison’s bet on Tesla helped bring his fortune to around $ 81 billion, making him the 10th richest person in the world, according to the Bloomberg Billionaires Index. Musk tops the table with a net worth north of $ 200 billion.
Here’s a chart showing the staggering gain in Tesla’s stock price over the past three years: