Oracle co-founder and executive chairman Larry Ellison has cancelled a planned sale of 50 million Oracle shares worth about $7.5 billion, ending a stock-sale plan the company previously disclosed.
Oracle confirmed the decision in an announcement Saturday. No shares were sold under the plan, and Oracle said Ellison has no other plans to sell his stock. The company did not say why.
Oracle continues heavy AI spending
Oracle shares are down about 22% this year, according to market data, as the company continues to invest heavily in data centres to support artificial intelligence workloads.
Oracle’s AI-related data centre expansion has become a major part of its business strategy. The company is also a major owner and security partner for TikTok’s U.S. operations.
Ellison has separately backed his son David Ellison’s efforts to acquire Warner Bros., a transaction that has faced legal challenges, including issues reported by The New York Times.
For investors, the immediate change is that the planned $7.5 billion sale will not proceed. Reuters had previously reported the proposed transaction based on Oracle’s regulatory filing.
