Larry Ellison, Oracle's co-founder and executive chairman of the board, has canceled a plan that would have involved selling part of his stake in the company, Oracle announced on Saturday.
اضافة اعلان
The company had previously disclosed, in a regulatory filing, that Ellison intended to sell 50 million shares worth nearly $7.5 billion, according to Reuters. Oracle did not explain the reason for the change in plan.
The company said: "No shares of Oracle stock were sold under that plan, and he has no other plans to sell any of his shares in the company."
Oracle's stock has fallen by about 22% since the start of the year. At the same time, the company is spending heavily on data centers and has also recently become one of the leading owners and security partners of TikTok's operations in the United States.
Ellison has also used his wealth to support his son David's acquisition of Warner Bros., a deal that is currently facing a legal dispute in court.
Resource: Al-Ghad.
