Oracle’s Ellison cancels plan to sell up to 50 mln shares

Oracle CEO Larry Ellison has abandoned a plan to sell up to 50 million shares of the company, the tech giant announced on Saturday. The company reported that no shares were actually sold under the trading arrangement, which was set to expire on October 24. Ellison had initially adopted the Rule 10b5-1 plan on June 22. Despite the cancellation, Oracle has had a strong quarter, surpassing expectations with its earnings, raising its annual guidance, and reporting a reduced cash burn rate.

The company secured over $30 billion in new AI cloud contracts during the period, extending its revenue backlog to $664 billion. Additionally, Oracle has increased its fiscal 2027 adjusted earnings forecast by five cents to $8.10 per share, while keeping its spending target between $90 billion and $95 billion. However, Oracle's stock has declined more than 20% in 2026 due to concerns about the company's AI-related expenses.