Larry Ellison has cancelled a planned sale of up to 50 million Oracle shares, valued at around $7.5 billion, a day after the company disclosed the divestment plan.
Oracle announced the cancellation on Saturday and said no stock had been sold under the plan. Ellison has no other plans to sell any of his Oracle shares, the company said. It gave no explanation for the change.
The plan would have allowed Ellison to sell as many as 50 million shares through Oct. 24. When it was adopted on June 22, the shares were worth about $8.75 billion. Oracle’s stock has fallen 16% since then and is currently down 22% since the beginning of the year.
The speed of the reversal is unusual for a proposed sale of this size, especially given Ellison’s position at the company he founded. He controls about 40% of Oracle, making any planned disposal of his shares a significant market event even when no stock changes hands.
The company’s statement leaves the reason for the cancellation unknown. It did not say whether the decision was connected to market conditions, Ellison’s personal circumstances or Oracle’s strategic priorities. It is also unclear what effect, if any, the withdrawal will have on Oracle’s shares or capital strategy.
Oracle has been spending heavily on data centers. It recently became one of the major owners and security partners for TikTok’s U.S. operations, extending the company’s role in a business outside its core software operations.
Ellison has also used his wealth to support his son David’s acquisition of Warner Bros. That acquisition is currently being contested in court. Oracle did not link the cancelled stock-sale plan to that transaction or any other purpose.
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