Larry Ellison Scraps $7.5 Billion Oracle Stock Sale
The Oracle co-founder has canceled a planned divestment of 50 million shares as the company continues heavy investment in data center infrastructure.
As TechCrunch first reported, Oracle co-founder and executive chairman Larry Ellison has scrapped a planned divestment of company stock following a Saturday announcement.
As previously disclosed in a regulatory filing, Ellison had intended to sell 50 million shares, a transaction valued at approximately $7.5 billion. According to TechCrunch, Oracle stated that no stock was sold under the plan and that Ellison currently has no further plans to sell his holdings. The company provided no reason for the reversal.
The decision comes as Oracle stock has declined 22% since the start of the year. TechCrunch reports that the company has been investing heavily in data centers and recently established itself as a security partner and major owner of TikTok's operations within the U.S.
Outside of Oracle, Ellison has utilized his wealth to support his son, David, in the acquisition of Warner Bros., a deal that TechCrunch notes is currently being contested in court.