From TechCrunch · Anthony Ha · · 1m 20s
Larry Ellison calls off a $7.5B stock sale
Oracle's co-founder had 50 million shares teed up, then pulled the whole plan with no explanation.
In brief
Oracle's co-founder had 50 million shares teed up, then pulled the whole plan with no explanation. Ellison walked away from a $7.5 billion cash-out while Oracle stock sits down 22% for the year, and the company says he has no plans to sell any of it. Originally reported by TechCrunch.
The sale is off
Oracle said on Saturday that co-founder and executive chairman Larry Ellison has canceled a planned sale of his Oracle stock.
Fifty million shares
A regulatory filing had disclosed the plan: 50 million shares, worth roughly $7.5 billion, according to Reuters.
No reason given
Oracle offered no explanation for the reversal, only a flat statement that nothing moved and nothing will.
“No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock.”
The stock is hurting
Oracle shares are down 22% since the start of the year, so this would have been a cash-out into a falling price.
Money going out the door
Oracle has been spending hard on data centers, and it recently became a major owner and security partner for TikTok's U.S. operations.
A family bet in court
Ellison has also put his wealth behind his son David's acquisition of Warner Bros., which is now being fought over in court.
What matters most
Ellison walked away from a $7.5 billion cash-out while Oracle stock sits down 22% for the year, and the company says he has no plans to sell any of it.
