U.S. software giant Oracle announced on the 12th that co-founder and Chairman Larry Ellison has canceled a plan to sell up to 50 million Oracle shares, worth about $7.5 billion based on the closing price on the 11th. The company did not disclose a reason. In a regulatory filing on the 11th, Oracle had disclosed that Ellison established the sale plan on June 22 of this year, with an expiration date of October 24 of this year. On the 12th, the company said no Oracle shares had been sold under the plan and that Ellison has stated he has no plans to sell any of the Oracle shares he holds going forward. Oracle's stock price has fallen sharply this year as investor concerns mounted that a surge in capital spending is squeezing free cash flow, with a year-to-date decline of nearly 23%, and down more than 18% compared with the closing price on June 18, the last trading day before Ellison approved the trading plan. According to LSEG data, the 82-year-old Ellison served as Oracle's chief executive until 2014 and remains the company's largest shareholder, holding more than 38% of its stock.
Oracle CorporationChairman Larry Ellison canceled a plan to sell up to 50 million Oracle shares (~$7.5B) and stated he has no plans to sell, removing a major overhang on the stock.
