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Tech News
Oracle announced Saturday that executive chairman Larry Ellison has called off a plan to sell 50 million of his shares, worth roughly $7.5 billion, that had been disclosed in an earlier regulatory filing. The company said no shares were sold under the plan and that Ellison has no other plans to sell Oracle stock, without explaining the reversal.
Larry Ellison has scrapped a 10b5-1 trading plan that would have allowed him to sell up to 50 million Oracle shares, worth about $7.5 billion at current prices. The plan, adopted June 22 and set to expire Oct. 24, had been disclosed in a regulatory filing just a day before its cancellation, and no shares were ever sold under it. Oracle says Ellison has no other plans to divest any of his stock.
Oracle co-founder Larry Ellison called off a prearranged plan to sell as many as 50 million shares of Oracle stock, a transaction that could have been worth up to $7.5 billion. Ellison confirmed that no shares were actually sold under the arrangement before it was withdrawn.
Oracle co-founder Larry Ellison adopted a trading plan on June 22 permitting him to sell as many as 50 million shares, worth roughly $7.5 billion at current prices, through October 24. Even after a full sale, Ellison would retain about 1.1 billion shares and remain Oracle's largest shareholder with over 40% ownership.