Oracle said Larry Ellison canceled a plan to sell up to 50 million shares, worth about $7.5 billion at the Sept. 11 closing price. No shares were sold, and the company said he has no other plans to sell Oracle stock but gave no reason for the cancellation.
The plan was adopted June 22 and was set to expire Oct. 24. Reuters reported the cancellation on Sept. 12, a day after Oracle disclosed the plan in a regulatory filing. Ellison owns more than 38% of Oracle, and the canceled plan leaves that stake unchanged.
Oracle’s latest fiscal first-quarter revenue rose 30% year over year to $19.3 billion, adjusted EPS was $1.92 and its backlog reached $664 billion. Free cash flow remained negative at $5.40 billion, compared with analysts’ expected $9.56 billion outflow. Oracle shares were down nearly 23% year to date, the article said. The company plans to raise about $40 billion through debt and equity in fiscal 2027 and increased expected restructuring costs by roughly $700 million.
