Oracle (ORCL) shares fell Monday after a weekend announcement that Chairman Larry Ellison had canceled a plan to sell about $7.5 billion worth of stock from his stake. The plan had only just been disclosed before being withdrawn.
In a Saturday news release, Oracle said Ellison canceled his 10b5-1 trading plan. The company added that no Oracle shares were sold under that plan.
The development drew market attention because it involved a potential large-scale sale by one of the company’s most important shareholders. Even after the plan was scrapped, Oracle stock remained under pressure on Monday.
