Larry Ellison Cancels Plan to Sell $7.5 Billion in Oracle Stock
Oracle Corp.'s co-founder and executive chairman, Larry Ellison, has canceled his plan to sell up to 50 million shares of the company's stock worth approximately $7.5 billion. The decision follows a recent disclosure about his intended divestment through a trading program set for completion by October 24. Oracle had initially valued these shares at around $8.75 billion, but its stock has since dropped 16%. Ellison owns roughly 40% of the company and is currently facing investor concerns over Oracle's heavy spending on artificial intelligence initiatives and recent job cuts that have increased costs to $2.8 billion. The cancellation may help alleviate some market worries about potential volatility from a major shareholder’s exit strategy, especially as Oracle reported shrinking gross margins last week.
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