Oracle founder Larry Ellison has scrapped a trading plan to sell up to 50 million shares of his company stock, worth approximately $7.5 billion at current prices.
According to a company news release, Ellison had not sold any shares under the pre-arranged 10b5-1 trading plan. The filing noted that the 82-year-old billionaire has no other plans to sell his stock.
The sudden cancellation comes just one day after a regulatory disclosure revealed the setup of the trading strategy. Ellison originally adopted the plan on June 22, and it was scheduled to run through October 24.
Ellison launched the software giant in 1977 and retains significant control over its operations, holding a stake of more than 40%. Under his leadership, the legacy software firm transformed into a major provider of artificial intelligence infrastructure.
However, that transition came with financial pressures. The company has built up a heavy debt load during its expansion, and its share price has fallen about 23% this year.
Ellison is also actively involved in media financing for his son, David Ellison, who serves as CEO of Paramount Skydance. The senior Ellison provided financial support for the merger between Skydance Media and Paramount. He is also backing Paramount Skydance’s attempt to acquire Warner Bros. Discovery. That potential takeover remains stalled after state attorneys general filed an antitrust lawsuit to block the deal.
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