Billionaire Oracle founder Larry Ellison reveals $1bn stake in Tesla

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San Francisco: Tesla will stop selling the lowest-range versions of its Model S sedans and Model X SUVs from Monday, the electric vehicle maker's CEO Elon Musk said.

In a video shared on January 10 by The Global Times, the Tesla CEO can be seen dining at the highly-regarded hot pot spot, Qimen Shuanrou, according to Shanghaiist. China responded in kind, adding tariffs to an equal amount of US products.

Oracle co-founder Larry Ellison disclosed in a U.S. Securities and Exchange Commission filing on Monday that he owns a $1 billion stake in Tesla, making him the second-largest individual investor in the electric-car maker.

Chinese Premier Li Keqiang has offered billionaire tech mogul Elon Musk a residence permit, the website of China's State Council, the country's chief administrative authority, confirmed on its website. The pair got on so well Li offered to make Musk a permanent resident.

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"I love China and want to come here more often", Musk said, according to a transcript of the meeting, which took place Wednesday. Then a "China Green Card" might be on its way, Li replied.

The handshake ceremony with Li coincided with the China Passenger Car Association reporting the first annual slump in auto sales in more than two decades. With no end in sight to the U.S.

Tesla's new plant in China will eventually have an annual production capacity of 500,000 vehicles, the California-based company has said, dramatically increasing its output.

Earlier on Wednesday, a Chinese government spokesman said three days of talks with US envoys aimed at ending a costly tariff battle had ended, but no details were immediately released.

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