Oracle Corp. announced that Chairman and Chief Technology Officer Larry Ellison has withdrawn his plan to sell as many as 50 million shares of the company, representing approximately $7.5 billion in stock.
The decision follows a regulatory filing on Friday showing that Ellison had established a trading plan under Rule 10b5-1 on June 22, scheduled to remain in effect until October 24.
“No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock,” the company said in a statement Saturday.
Oracle shares closed at $150.28 on September 11, falling $2.66, or 1.74%. In after-hours trading, the stock declined further to $147.81, down $2.47, or 1.64%.
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