Oracle's Ellison Stock Sale: Still Going And Going...
An update on the ongoing stock sales by Larry Ellison, Oracle's CEO, which began in late September and haven't let up since. He's now up to 30 million shares and counting since that first sale on Sept. 26, worth about $700 million so far.
One million shares went to his medical foundation. None of this is illegal, by any stretch. In fact, Oracle filed the necessary paperwork in July, following Rule 10b5-1 for a pre-arranged stock trading plan.
The company issued a release back then indicating that Ellison "may sell up to 100 million shares over a period of approximately nine months and gift up to an additional 2 million shares to the Ellison Medical Foundation...If Mr. Ellison completes all the planned sales and gifts of shares under his rule 10b5-1 Plan, he would beneficially own approximately 1.173 billion shares (approximately 22.7%) of Oracle's outstanding stock."
Oracle shares were added to Goldman's "conviction buy" list this morning and they don't seem to be suffering any negatives with so many new ones now on the market.
For shareholders who didn't know about the transactions, or didn't see them coming, now you do. There's still no official word from Oracle on what Ellison plans to do with what could be well over a $2 billion windfall if all these transactions are completed. But bank-rolling Oracle/BMW yacht racing and servicing all those private jets can't be cheap.
It's good, VERY good, to be Larry.
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