Larry Ellison Cancels Planned $7.5 Billion Oracle Stock Sale
Oracle executive chairman Larry Ellison has scrapped a plan to sell 50 million Oracle shares worth about $7.5 billion. The company said no shares were sold under the plan and he has no other plans to sell.
Oracle announced on Saturday that co-founder and executive chairman Larry Ellison has canceled his previously disclosed plan to sell a large block of Oracle stock. According to a regulatory filing cited earlier by Reuters, Ellison had intended to sell 50 million shares worth roughly $7.5 billion.
The company did not explain why the plan was scrapped. Oracle stated that no stock was sold under the plan and that Ellison currently has no other plans to sell any of his Oracle shares.
Stock decline
Oracle's stock price is currently down 22% since the start of the year. At the same time, the company has been ramping up spending on data centers and recently became one of the major owners and security partners of TikTok's U.S. operations.
Warner Bros. link
Ellison has also used his personal wealth to support his son David's acquisition of Warner Bros., a deal that is currently being contested in court.
