Larry Ellison has cancelled a trading plan that would have let him sell up to 50 million Oracle shares by 24 October, a day after the plan was disclosed and with no stock sold under it. The instrument is a Rule 10b5-1 plan, an American safe harbour with no European counterpart, because EU market abuse rules bar managers from dealing in the 30 calendar days before results instead.
Larry Ellison has cancelled the plan that would have let him sell up to 50 million Oracle shares, a day after it was disclosed, Bloomberg reported.
“No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock,” the company said.
The plan was adopted on 22 June and would have run to 24 October. The shares were worth about $8.75B then and about $7.5B now, after a 16% fall. Oracle described it as a 10b5-1 plan in its statement.
Ellison controls about 40% of the company and is its executive chair and chief technology officer.
