Oracle co-founder and executive chairman Larry Ellison has canceled a planned sale of his Oracle stock, the company announced on Saturday.
Oracle had previously disclosed in a regulatory filing that Ellison planned to sell 50 million shares worth around $7.5 billion, according to Reuters. The company did not offer a reason for the change in plans.
“No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock,” Oracle said.
As of publication time on Sunday afternoon, Oracle stock is down 22% since the beginning of the year. The company has been spending heavily on data centers, and it recently became one of the major owners and security partners for TikTok’s U.S. operations.
Ellison has also used his wealth to back his son David’s acquisition of Warner Bros., which is currently being contested in court.