Larry Ellison, co-founder and chairman of Oracle Corp., speaks during the Oracle OpenWorld 2017 conference in San Francisco on October 3, 2017.
David Paul Morris | Bloomberg | Getty Images
Billionaire Larry Ellison’s promise to buy up to $1 million in Tesla’s new $2 billion common stock offering amounts to “pocket change” for the Tesla board member in what is essentially a publicity move, according to one researcher.
“The $1 million buy is a token purchase for him,” said Ben Silverman, director of research at InsiderScore. “There’s few people in the world you could say $1 million is literally pocket change, and Ellison would be one of those.”
Ellison, who founded Oracle, has a net worth of $62.5 billion, according to the Bloomberg Billionaires Index.That means even a full $1 million investment in the offering would be far less than half a percent of his fortune, the equivalent of less than $2 for someone with a net worth of $100,000.
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