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Ellison abandons $7.5B Oracle share sale, company says no stock sold
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Oracle said Larry Ellison canceled his planned sale of 50 million shares worth about $7.5 billion, and no stock was sold under that plan.
The cancellation removes a planned sale of 50 million shares that Oracle had disclosed in a regulatory filing, eliminating a potential supply of stock. Oracle's stock is down 22% this year as the company spends heavily on data centers and recently became a major owner and security partner for TikTok's U.S. operations. No reason was given for the change in plans.
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Oracle announced that Larry Ellison canceled his planned sale of 50 million Oracle shares worth about $7.5 billion.
The company said no stock was sold under the plan and Ellison has no other plans to sell any of his Oracle stock.
Oracle's stock has fallen 22% this year, with heavy data center spending and its recent role as a major owner and security partner for TikTok's U.S. operations.
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