Larry Ellison nixes plan to offload up to $7.5 billion worth of Oracle stock
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Larry Ellison has canceled his plan to sell up to 50 million of his shares in Oracle, or $7.5 billion worth of stock at the current price.
Key facts
Larry Ellison has canceled his plan to sell up to 50 million of his shares in Oracle, or $7.5 billion worth of stock at the current price
The billionaire, 82, has held onto a substantial portion of the company that he founded in 1977
Ellison is also the father of David Ellison, the current CEO of Paramount Skydance, which has been in pursuit of acquiring Warner Bros
The reversal came a day after a regulatory filing disclosed the Oracle founder's trading plan, which had been adopted on June 22 and was set to end on Oct. 24
Summary
The reversal came a day after a regulatory filing disclosed the Oracle founder's trading plan, which had been adopted on June 22 and was set to end on Oct. 24. No Oracle stock had been sold under the 10b5-1 Plan to sell stock, and Ellison has no other plans to sell any of his shares, according to the Saturday news release. The billionaire, 82, has held onto a substantial portion of the company that he founded in 1977. However, as part of the pivot, Oracle has amassed a hefty debt load and the stock has dropped roughly 23% this year.