Larry Ellison, founder of Oracle Corp. and the 9th richest man in the world has invested $1 Billion in Tesla. Ellison has also joined the board of directors of the electric car maker in December. Larry Ellison has been a long term friend of Tesla founder Elon Musk and officially filed the investment and stake details with the U.S. Securities and Exchange Commission earlier today. He is now the second largest individual investor in Tesla and owns nearly 3 Million Tesla shares through the Lawrence J. Ellison Revocable Trust. His stake in Tesla is worth 1.75 per cent of the overall value of the electric automaker.
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Tesla has recently been in rough waters both due to its manufacturing limits and due to founder Elon Musk's problems with the U.S. Securities and Exchange Commission over announcements of taking the company private over twitter over which he was heavily fined. The automaker has also been struggling with meeting deadlines for deliveries of the extremely popular Tesla Model 3 sedan. As of now, reports suggest Tesla is making close to 4700 Model 3s every week in order to meet the massive demand in the model that stretches all the way into the hundreds of thousands of back orders. Elon Musk also recently broke ground on a brand new electric car factory in China.
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Along with the Model 3 sedan, which is currently the entry level offering in the range, Tesla also offers the Model S sedan, which is a larger and more premium offering along with the Model X SUV, which is the current flagship offering from the automaker. 2019 will see the launch of the new Tesla Roadster 2, which will offer mind boggling performance at a fraction of the cost of the fastest hypercars on the road along with the highly anticipated showcase of the Model Y crossover or compact SUV. The Model Y is also expected to be priced at about $ 35,000, similar to the Model 3.