Key facts
- Larry Ellison has canceled a planned sale of 50 million Oracle shares.
- The planned sale was valued at approximately $7.5 billion.
- Oracle announced the cancellation on Saturday.
- No Oracle stock was sold under the original plan.
- Ellison has no other plans to sell his Oracle stock.
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. The company did not offer a reason for the change in plans, stating that no Oracle stock was sold under that plan and that Ellison has no other plans to sell any of his Oracle stock. As of Sunday afternoon, Oracle stock is down 22% since the beginning of the year. The company has been spending heavily on data centers and 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.