Larry Ellison nixes plan to offload up to $7.5 billion worth of Oracle stock
Larry Ellison cancels plan to sell up to $7.5 billion of Oracle stock, reversing course a day after announcing the stock sale.
Oracle founder Larry Ellison has canceled his plan to sell up to 50 million shares worth $7.5 billion at current prices, per CNBC. The reversal came just a day after a regulatory filing disclosed the intended stock sale, marking a quick about-face on the divestment announcement.
The sale plan had been filed with regulators as part of a standard process for executives to offload holdings. However, Ellison decided to abandon the stock sale within 24 hours of its public disclosure, according to the same source. The sudden reversal signals a change in the founder's liquidity strategy for his Oracle stake, though no public statement from Ellison explaining the decision has been disclosed.
Ellison remains one of Oracle's largest shareholders and has historically used stock sales to fund various ventures. The canceled sale would have represented a significant reduction in his holdings. The decision to pull back from the sale suggests either a shift in his near-term capital needs or a reassessment of market conditions at the time of the filing.
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