Oracle Corp. Chief Executive Officer Larry Ellison attends a launch event at the company’s headquarters in Redwood Shores, California, June 10, 2014.
Noah Berger | Reuters
Larry Ellison canceled plans to sell up to 50 million shares of stock. oracleor shares worth $7.5 billion at current prices.
The reversal came a day after Oracle founders’ trading plan, adopted on June 22 and scheduled to close on October 24, was disclosed in a regulatory filing.
No Oracle shares are being sold under the 10b5-1 stock sale plan, and Ellison has no plans to sell any of his other holdings, according to Saturday’s news release. Few other details were provided.
The 82-year-old billionaire retains a significant portion of the company he founded in 1977 and continues to control more than 40% of Oracle, CNBC previously reported. Ellison helped transform Oracle from a traditional software maker into a leading company in artificial intelligence infrastructure.
But as part of its business transformation, Oracle has racked up significant debt, and its stock has fallen about 23% this year.
Mr. Ellison is also the father of current CEO David Ellison. paramount skydanceWe have been pursuing the acquisition of warner bros discovery. Mr. Ellison helped finance the initial merger between David Ellison’s Skydance Media and Paramount, and is a supporter of the proposed acquisition of WBD. The proposed agreement is currently on hold in a state attorney general lawsuit due to antitrust concerns.
-CNBC’s Jordan Novet contributed to this article.
