Oracle Falls as Larry Ellison Cancels $7.5 Billion Share Sale

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Oracle co-founder Larry Ellison cancelled his plan to sell $7.5 billion of company stock, sending shares down around 4% on Monday. Oracle had previously disclosed in a regulatory filing that Ellison planned to sell 50 million shares worth roughly $7.5 billion, Reuters reported, and the company did not offer a reason for the change in plans. The announcement came as Oracle faces mounting costs tied to its data centre buildout, and the company has cut 21,000 jobs this fiscal year, about 13% of its workforce, to help fund the expansion. Oracle disclosed Friday that it had set aside an additional $700 million for restructuring, bringing its total reserve to around $2.8 billion, covering what the company called additional actions it expects to take. Oracle stock is down 22% since the start of the year.

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Larry Ellison cancelled his planned $7.5 billion share sale, sending Oracle shares down about 4%

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