Larry Ellison nixes plan to offload up to $7.5 billion worth of Oracle stock
Oracle founder Larry Ellison has canceled his plan to sell up to $7.5 billion worth of stock in the software company.
TL;DR
- Larry Ellison canceled a plan to sell up to $7.5 billion worth of Oracle stock.
- No Oracle shares were sold under the trading plan, and no other selling plans exist.
- Ellison founded Oracle in 1977 and still controls over 40% of the company.
- Oracle is pivoting to AI infrastructure, but has accrued significant debt and its stock has dropped 23% this year.
- Ellison is financing his son David Ellison's pursuit of acquiring Warner Bros. Discovery, a deal currently blocked by an antitrust lawsuit.