Larry Ellison cancels $7.5 billion sale of Oracle stock
Oracle co-founder Larry Ellison has officially canceled his plan to sell 50 million shares of company stock. The company provided no specific reason for the reversal, noting that no shares were sold under the previously disclosed plan.
Why it matters
The cancellation of a $7.5 billion stock sale by a major tech executive signals potential shifts in corporate strategy or personal financial planning for one of the world's wealthiest individuals.
Oracle co-founder and executive chairman Larry Ellison has canceled a planned sale of his Oracle stock, the company announced on Saturday.
Oracle had previously disclosed in a regulatory filing that Ellison planned to sell 50 million shares worth around $7.5 billion, according to Reuters . The company did not offer a reason for the change in plans.
“No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock,” Oracle said.
As of publication time on Sunday afternoon, Oracle stock is down 22% since the beginning of the year. The company has been spending heavily on data centers , and it recently became one of the major owners and security partners for TikTok’s U.S. operations .
Ellison has also used his wealth to back his son David’s acquisition of Warner Bros., which is currently being contested in court .
Also covering this story
4 other newsrooms covered this event. We read each version separately.
Larry Ellison cancels $7.5bn Oracle share sale - Financial Times
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