Larry Ellison has earned $ 1.6 billion on his Tesla stock since joining the board

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Ellison, co-founder of Oracle Corporation and one of the richest men in the world, joined Tesla's executive board on December 27, 2018. Before that, however, he had bought 3 million shares of the electric car manufacturer at the end of last year, the company said.

The closing value of these shares on the day he joined the Board of Directors was $ 948 million, or 1.7% of Tesla shares. He is the second largest shareholder on the board after CEO Elon Musk.

For the first six months, Ellison's investment looked like a bad bet. Tesla (TSLA) Stocks fell 43% before hitting a 52-week low of $ 179.61 per share on June 3.

But since then the stock has cracked. On Monday, Tesla stock exceeded USD 500 per share for the first time in the company's history and continued to climb on Tuesday as various stock analysts raised their stock price target. Even with a slight drop in stocks on Wednesday, the stock price has almost tripled since the June low and has risen 68% since the day Ellison joined the board.

Elon Musk is approaching a $ 350 million payday

This is equivalent to a $ 1.6 billion paper gain on Ellison's Tesla holdings since joining the board.

For comparison: shares in software companies oracle (ORCL)in the same period, it rose by almost 20% as the chairman and largest shareholder. However, since he owns so many more Oracle shares – 1.2 billion shares, or 35% of the company – the more modest increase in Oracle shares brought him a larger paper profit of $ 11.5 billion during that time.
Ellison's total net worth is estimated at around $ 68 billion in Forbes, according to the real-time billionaire tracker. He is the seventh richest man in the world.