Larry Ellison Enters Trading Plan To Sell Up To $7.5 Billion Of Oracle Stock

According to CNBC, Oracle founder Larry Ellison has entered into a trading plan that would allow him to sell up to 50 million shares of the software company, worth about $7.5 billion at current prices. Ellison adopted the plan on June 22, and it is set to end on Oct. 24, according to a regulatory filing published Friday. He controls more than 40% of Oracle, according to FactSet, and would still own 1.1 billion shares if he sells all of the stock covered by the plan. Since the start of this century, Ellison has never sold more than 25,000 Oracle shares at any one time, according to FactSet. Oracle said in its earnings report on Thursday that it beat estimates and posted 121% year-over-year growth in cloud infrastructure revenue.