Oracle co-founder and executive chairman Larry Ellison has canceled a planned sale of his Oracle stock, the company announced on Saturday. Oracle had previously disclosed in a regulatory filing that Ellison intended to sell 50 million shares valued at approximately $7.5 billion, as reported by Reuters.
While the company did not provide a specific reason for the change in strategy, it confirmed that no shares were sold under the original plan and that Ellison has no current intentions to liquidate any Oracle holdings.
The cancellation comes as Oracle’s stock has declined 22% year-to-date. The tech giant has been investing heavily in data center infrastructure and recently secured a role as a major owner and security partner for TikTok’s U.S. operations.
Ellison’s financial resources have also been directed toward private media ventures, including backing his son David’s acquisition of Warner Bros., a deal currently facing legal challenges in court.
As an Oracle user, this is news I didn’t need. At least he isn’t dumping shares on the market right now.
Why cancel now if he was going to sell? Maybe he wants to boost his voting power ahead of the TikTok deal?
No shares sold? Really? I find that incredibly hard to believe given the timing and recent losses.
Must be tough to hold stock while watching the Warner Bros drama unfold in court. Priorities shifted clearly.
Smart move holding onto Oracle shares given the 22% YTD drop. Definitely signals he still believes in the core business.