Larry Ellison nixes plan to offload up to $7.5 billion worth of Oracle stock — SkimNews
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- Larry Ellison canceled his plan to sell up to 50 million Oracle shares (~$7.5 billion at current price) just one day after a regulatory filing disclosed the trading plan, which had been adopted June 22 and was set to end Oct. 24.
- Oracle disclosed that no shares had been sold under the 10b5-1 Plan and that Ellison has no other plans to sell stock, per a Saturday news release that offered few further details.
- Ellison, 82, continues to control more than 40% of Oracle, the company he founded in 1977, according to CNBC.
- Oracle's stock has dropped roughly 23% this year as the company pivoted from legacy software into AI infrastructure and amassed a 'hefty debt load,' per CNBC.
- Ellison is the father of David Ellison, current CEO of Paramount Skydance, which is pursuing an acquisition of Warner Bros. Discovery.
- The elder Ellison helped finance the initial merger between Skydance Media and Paramount and is a backer of the proposed WBD deal, which is currently held up by a state attorneys general antitrust lawsuit.
Why it matters: Ellison retains control of more than 40% of Oracle, and reversing the sale preserves a major piece of his wealth as Oracle's stock has dropped roughly 23% this year amid the company's debt-fueled AI pivot. With the Paramount Skydance-WBD acquisition — which Ellison is backing — stalled by an antitrust lawsuit, keeping his Oracle stake intact preserves financial firepower for that bid.
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