Eric Charbonneau / Invision / AP; Mike Blake / Reuters
- Oracle co-founder Larry Ellison made a $ 12 billion gain from his investment in Tesla.
- The tech billionaire bought the equivalent of 15 million shares of Elon Musk’s carmaker before joining the board in December 2018.
- Ellison’s stake has grown in value from about $ 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 home page for more stories.
Oracle co-founder Larry Ellison accumulated a $ 12 billion gain from his Tesla shares in just over two years.
The head of technology at the software giant and former CEO bought the equivalent of 15 million shares of electric vehicle company Elon Musk before joining the board in December 2018.
Tesla’s stock price has risen about 1,200% since then, increasing the value of Ellison’s about 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 automaker was his second biggest investment during a conversation with Oracle analysts in October 2018.
The tech billionaire also described Musk and himself as “very close friends” on the call. In fact, Musk flew to Lanai – Ellison’s Hawaiian island – last month to take some advice Oracle executive.
Ellison’s bet on Tesla helped raise his fortune to about $ 81 billion, making him the tenth richest person in the world, according to the Bloomberg Billionaires Index. Musk leads the ranking with a net worth of $ 200 billion.
Here is a graph showing the impressive price gain for Tesla’s shares over the past three years:
Markets Insider