Larry Ellison, founder of Oracle, has entered into a trading plan that allows him to sell up to 50 million shares of the software company, worth about 7.5 billion dollars at current prices, according to a report by CNBC. Ellison set up the plan on June 22, and it is scheduled to end on October 24, according to a regulatory filing made public on Friday. The move is unusual for Ellison, who founded the company in 1977 and controls more than 40% of Oracle's shares, according to FactSet. If he sells all the shares under this plan, he would still hold about 1.1 billion shares. Since the start of this century, Ellison has never sold more than 25,000 Oracle shares at a time, while his spokesperson has not yet responded to a request for comment. Ellison, 82, has helped transform Oracle into a major player in artificial intelligence infrastructure, and when it reported earnings last Thursday, Oracle beat expectations, buoyed by cloud infrastructure revenue that grew 121% from a year earlier. However, reaching this point has forced Oracle to take on a large amount of debt, which has made investors uneasy and pushed the share price down about 20% this year. Ellison, the seventh richest person in the world, also helped provide financing for the 2025 merger between his son David Ellison's film company Skydance and Paramount.
Oracle CorporationFounder Larry Ellison set up a trading plan to sell up to 50 million Oracle shares worth about $7.5 billion, a large insider sale.
