Live

Watch CBSN Live

Larry Ellison joins Tesla's board as "independent" director

Tesla CEO Elon Musk lashes out against SEC

Tesla is naming Oracle's Larry Ellison and an executive from Walgreens to its board as part of a settlement with U.S. regulators who demanded more oversight of CEO Elon Musk.

The company said Friday that Ellison and Kathleen Wilson-Thompson are the new independent directors, effective immediately.

Wilson-Thompson spent 17 years at Kellogg and is currently an executive with Walgreens Boots Alliance. While Ellison is the founder and executive chairman of Oracle, the database-management giant. He recently disclosed a large personal stake in Tesla.

"I am very close friends to Elon Musk and I am a very big investor in Tesla," Ellison said at a financial analyst meeting at the Oracle OpenWorld conference in October, according to CNBC.

Drive through the Boring Company tunnel with Elon Musk

The Securities and Exchange Commission charged Tesla CEO Elon Musk with misleading investors in August with a tweet that said he had "funding secured" for taking the company private. The two board members are part of the agreement reached with the SEC.

Tesla's stock price rose almost 3% in the first moments of trading Friday, to around $325 a share. Oracle's stock price was flat at the opening.

View CBS News In