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(RTTNews) – Oracle Corp. (ORCL) announced that Chairman and Chief Technology Officer Larry Ellison has cancelled his plan to sell up to 50 million shares of the company, valued at about $7.5 billion.
The reversal follows a regulatory filing on Friday, which showed the company had adopted a 10b5-1 trading plan on June 22, set to run 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 on Saturday.
ORCL closed at $150.28, down $2.66 or 1.74% as of September 11. In after-hours trading, the stock slipped further to $147.81, a decline of $2.47 or 1.64%.
