Oracle founder Larry Ellison has canceled his plan to sell up to $7.5 billion worth of stock in the software company.Oracle founder Larry Ellison has canceled his plan to sell up to $7.5 billion worth of stock in the software company.
Larry Ellison has canceled his plan to sell up to 50 million of his shares in Oracle
The reversal came just a day after a regulatory filing disclosed the Oracle founder’s trading plan, which had been adopted on June 22 and was set to end on Oct. 24.
No Oracle stock had been sold under the 10b5-1 Plan to sell stock, and Ellison has no other plans to sell any of his shares, according to the Saturday news release. Few other details were given.
The billionaire, 82, has held onto a substantial portion of the company that he founded in 1977. He continues to control more than 40% of Oracle, CNBC previously reported. Ellison has helped to turn Oracle from a legacy software maker into a major player in artificial intelligence infrastructure.
However, as part of the pivot, Oracle has amassed a hefty debt load and the stock has dropped roughly 23% this year.
Ellison is also the father of David Ellison, the current CEO of Paramount SkydanceWarner Bros. Discoveryfinance the initial merger between David Ellison’s Skydance Media and Paramount, and is also a backer of the proposed acquisition of WBD. The proposed deal is currently being held up by a state attorneys general lawsuit due to antitrust concerns.
-CNBC’s Jordan Novet contributed this article.
