Oracle's Larry Ellison adopts trading plan to sell up to $7.5 billion worth of stock
Oracle founder Larry Ellison, the world's seventh-richest person, can sell up to 50 million of his shares in the software company under a new trading plan.
TL;DR
- Larry Ellison has entered a trading plan to sell up to 50 million Oracle shares, valued at $7.5 billion.
- The plan, adopted on June 22, is set to end on October 24.
- This is an unusual move for Ellison, who has held onto a substantial part of Oracle since its founding in 1977.
- Ellison still controls over 40% of Oracle and would retain 1.1 billion shares after selling the maximum amount.
- Oracle's stock has fallen roughly 20% this year, despite exceeding earnings estimates with significant growth in cloud infrastructure revenue, due to investor concerns about debt.
- Ellison, the world's seventh-richest person, also helped finance the merger of his son's company, Skydance, with Paramount.