Larry Ellison cancels plan to sell Oracle stock worth up to $7.5 billion

Oracle was founded by Larry Ellison in 1977. (Screenshot: Oracle)

Oracle said on Saturday that its co-founder and executive chairman Larry Ellison had canceled a plan to sell up to 50 million Oracle shares, worth about $7.5 billion at Friday’s closing price.

Oracle had disclosed in a regulatory filing Friday that Ellison had adopted the trading plan on June ⁠22, ​2026, and that it was scheduled to expire on October 24, 2026.

“No Oracle stock was sold under that plan, and he has no other plans to sell ​any of ​his Oracle stock,” Oracle said ⁠on Saturday.

Oracle’s stock has taken a beating this year on growing investor concerns over soaring ‌capital expenditure that has pressured its free cash flow.

The shares are down nearly 23% year to date and were more than 18% below their closing level on June 18, the last trading day before Ellison adopted the plan.

Oracle did not give ⁠a reason for ⁠the cancellation of Ellison’s trading plan.

Ellison, 82, served as Oracle’s CEO until 2014 and ⁠is ‌the company’s largest shareholder, owning over 38% ​of the company, according to LSEG ‌data.

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Earlier in the week, Oracle had reported quarterly results that topped Wall Street estimates and a ‌smaller cash ​burn than expected, ​easing ​some concerns about its debt-fueled spending spree and leading to a jump in the ​shares on Friday.

However, its stock later ⁠reversed course as analysts said a recovery in cash flow remained some way off.

The firm also announced restructuring ‌costs, ⁠part of a plan that includes job cuts, will rise by about $700 million.