Tesla on Friday named Oracle Corp co-founder Larry Ellison, a shareholder and self-described close friend of Chief Executive Elon Musk, to its board to provide the independent oversight demanded by US regulators after Musk tweeted about taking the electric carmaker private.
The move is meant to usher Tesla past months of turbulence following Musk’s August 7 tweet that he was considering taking the company private and had secured funding.
The fallout, which included the US Securities and Exchange Commission subsequently filing fraud charges against Musk for what it said were his “false and misleading” tweets, led some investors to call for stronger board oversight of Musk.
The inclusion of Ellison puts one of the world’s richest people with experience building a startup into a successful company on Tesla’s board. He served as a director at Apple at a critical time for that company – in the five years after Steve Jobs returned to the helm of the then struggling computer maker in 1997, helping oversee one the greatest turnarounds in corporate history.