Tesla has announced that the billionaire founder of Oracle, Larry Ellison, has joined the company’s board of directors along with former Kellogg executive Kathleen Wilson-Thompson.
The electric car manufacturer was required to add two new independent board members as part of its deal with the SEC earlier this year, which also required that Elon Musk step down as chairman and pay a $20 million fine (the company itself was also fined $20 million). The company also hired a lawyer who will monitor all of Musk’ future communications, including his tweets.
Ellison currently owns 3 million shares in Tesla, making it his second largest investment, and is reportedly close friends with Musk, so the move certainly appears to make sense on paper. His large stake in the company should also help calm investors, as he will have stockholders’ interests in mind when making decisions.