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Larry Ellison nixes plan to offload up to $7.5 billion worth of Oracle stock
CNBC • • general
Key Points:
- Larry Ellison has canceled his plan to sell up to 50 million shares of Oracle, worth approximately $7.5 billion, after disclosing the trading plan just a day earlier.
- No Oracle stock has been sold under the 10b5-1 plan, and Ellison currently has no other plans to sell any shares, according to a recent news release.
- Ellison, who controls over 40% of Oracle, has played a key role in transforming the company into a significant player in artificial intelligence infrastructure despite the stock dropping about 23% this year amid increased debt.
- Ellison is also involved in the media industry through his son David Ellison, CEO of Paramount Skydance, and has financially supported both the merger of Skydance Media with Paramount and the proposed acquisition of Warner Bros. Discovery, which faces antitrust litigation.
