Larry Ellison scraps $7.5 billion Oracle stock sale one day after it became public

Larry Ellison has killed a plan that could have moved as much as $7.5 billion of his Oracle shares into the market, only a day after the plan became public.

Oracle (NYSE: ORCL) said Saturday that its co-founder would not sell any stock under the arrangement. The Austin, Texas company disclosed a day earlier that Larry had been cleared to sell up to 50 million shares by the end of October.

Oracle said, “No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock.” The company did not give a reason for the reversal.

The plan had been created in late June, according to Oracle’s latest quarterly filing. With Oracle closing Friday at $150 a share, the full amount covered by the plan was worth about $7.5 billion.

Larry pulls the sale as Oracle’s AI costs keep climbing

The abandoned auction was held shortly after Oracle announced better revenue performance in its data center division on Thursday.

Nevertheless, the shares continued to decline somewhat since investors were analyzing the margins, which have been narrowing because Oracle invests significantly into AI infrastructure.

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