Oracle’s Larry Ellison cancels plan to sell up to 50 million shares

Fresh updates from the financial markets indicate that Oracle Corp. stated on Saturday that Chairman Larry Ellison has cancelled his plan to sell up to 50 million shares of the firm, worth around $7.5 billion at the current price.

The reversal came a day after a regulatory filing disclosed Ellison's trading plan, which was adopted on June 22 and was set to expire on October 24.

"No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock," the firm stated in a statement.

Bloomberg noted that the stock sale plan was disclosed by the firm on Friday.

According to the filing, no Oracle shares had been sold under the 10b5-1 plan, and Ellison has no other plans to sell any of his shares.

Ellison, 82, keeps control more than 40% of Oracle, the firm he founded in 1977, CNBC noted. He has helped transform Oracle from a legacy software maker into a major player in artificial intelligence infrastructure.

That stated, as part of the pivot, Oracle has amassed a hefty debt load, while its stock has eased roughly 23% this year.