In a surprising move, Larry Ellison, co-founder of Oracle, has cancelled his plan to sell up to $7.5 billion of Oracle stock, just one day after it was disclosed.
Oracle stated: "No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock."
Ellison adopted the plan on June 22 when Oracle was trading near $175**. The stock has since fallen to **$150.28, now down more than 56% from its record high of $345.72.
The decision comes amid sharp selling pressure on Oracle shares in recent months. Analysts suggest the cancellation may be an attempt by Ellison to boost investor confidence and demonstrate his long-term commitment to the company, especially given the stock's significant decline from its peak.