Larry Ellison, Oracle’s Executive Chair and Chief Technology Officer, cancels a plan to sell up to 50 million Oracle shares, potentially worth as much as $7.5 billion. Oracle says the plan is terminated and that no shares are sold under it.
The cancellation comes about a day after the trading plan becomes public through a regulatory filing. Several outlets describe the arrangement as a Rule 10b5-1 plan, which is designed to allow company insiders to sell shares on a predetermined schedule under U.S. securities rules. One outlet notes that such a “safe harbor” framework has different international equivalents, but the core facts focus on the disclosed size of the potential sale and the subsequent withdrawal.
Outlets report that the cancellation happens shortly after the plan surfaces, with no execution occurring before it is scrapped. PR Newswire and Bloomberg both frame Oracle’s announcement as the source of the update, while Financial Times and CNBC emphasize the size of the potential sale and the decision to stop it before any stock is sold.
