Oracle's Larry Ellison Cancels $7.5 Bln Stock Sale Plan
(RTTNews) - Oracle Corp. (ORCL) announced that Chairman and Chief Technology Officer Larry Ellison has cancelled his plan to sell up to 50 million shares of the company, valued at about $7.5 billion.
Oracle disclosed on Friday that co-founder and executive chairman Larry Ellison had adopted a plan to sell up to 50 million Oracle shares, valued at around US$7.5 billion, on June 22, 2026. The plan was set to expire on October 24, 2026. However, Oracle announced on Saturday that Ellison had canceled the plan and there were no Oracle shares sold under it.
He also stated that he has no other plans to sell any of his Oracle stock. Oracle's stock has suffered a significant decline this year due to growing concerns over rising capital expenditure and its impact on free cash flow. The shares have dropped nearly 23 percent year to date and were more than 18 percent below their closing level on June 18, the trading day before Ellison's plan was adopted.
The reason behind the cancellation of Ellison's trading plan was not disclosed by Oracle. Ellison, who is 82 years old, served as Oracle's CEO until 2014 and is the company's largest shareholder, owning over 38 percent of it. Earlier in the week, Oracle reported quarterly results that exceeded Wall Street estimates and had a lower cash burn than anticipated, which initially boosted the shares on Friday.
However, Oracle's stock later declined as analysts pointed out that a recovery in cash flow was still a considerable distance away. The company also announced that restructuring costs, as part of a plan that includes job cuts, would increase by approximately US$700 million.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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