Oracle shares fall after co-founder cancels $7.5 billion share sale
Oracle's stock dropped around 4% on Monday following news that co-founder Larry Ellison canceled his plan to sell $7.5 billion worth of Oracle shares, which had been disclosed in a prior regulatory filing. The company did not provide an explanation for the reversal but is currently dealing with rising costs from its data center expansion efforts and has already cut approximately 13% of its workforce this fiscal year. Oracle announced additional restructuring expenses totaling $700 million on Friday, increasing its total reserve to about $2.8 billion as it prepares for further cost-cutting measures. The stock is down significantly by nearly 22% since the beginning of the year.
Tickers: $ORCL
Topics: Larry Ellison Oracle Restructuring Share Sale Cancellation Stock Price Drop