Oracle founder Larry Ellison has canceled his plan to sell up to 50 million Oracle shares, a stake worth about $7.5 billion at current market prices. The company disclosed the decision in a news release issued on Saturday.
The move came just one day after a regulatory filing revealed Ellison's trading plan. According to that filing, the plan had been adopted on June 22 and was due to run through Oct. 24.
Oracle said no shares were sold under the 10b5-1 plan. The company also said Ellison currently has no other plans to sell any of his holdings. No further details were provided.
The 82-year-old billionaire founded Oracle in 1977 and has retained a substantial ownership stake ever since. CNBC has previously reported that he still controls more than 40% of the company.
Ellison has been central to Oracle's shift from a legacy software company into a major player in artificial intelligence infrastructure. But that transition has also come with a heavier debt load, while Oracle shares are down roughly 23% this year.
Ellison is also the father of David Ellison, the current CEO of Paramount Skydance. CNBC noted that the elder Ellison helped finance the initial merger between David Ellison's Skydance Media and Paramount, and is also backing the proposed acquisition of Warner Bros. Discovery. That deal is currently being delayed by a lawsuit from state attorneys general over antitrust concerns.
