Oracle co founder and executive chairman Larry Ellison has cancelled plans to sell 50 million shares of the technology company, a transaction that had been estimated to be worth approximately $7.5 billion. 

Oracle disclosed the decision on Saturday without providing a specific reason for the cancellation.

The company said no Oracle shares were sold under the planned arrangement and that Ellison currently has no other plans to sell his stake. 

The announcement comes as Oracle continues to face changing market conditions and significant investment requirements associated with its expansion of data centre infrastructure.

Oracle shares have declined significantly since the beginning of the year, while the company has continued to commit substantial resources to data centres to support the growing demand for artificial intelligence and cloud computing services. 

Oracle has also become involved in the United States operations of TikTok as the platform navigates regulatory and ownership issues.

Ellison remains one of the world’s wealthiest individuals and a major shareholder in Oracle.

His financial activities have attracted attention beyond the company, including his support for business ventures involving members of his family.

The cancellation of the planned sale means Ellison will retain the shares that were originally expected to be sold. 

Oracle did not indicate whether the decision was connected to the company’s share price, its future prospects or Ellison’s long term investment strategy.

Source: TechCrunch