Oracle Corp (NYSE:ORCL, XETRA:ORC) shares fell around 4% on Monday after the company said over the weekend that co-founder Larry Ellison cancelled his plan to sell $7.5 billion of company stock. Oracle had previously disclosed in a regulatory filing that Ellison planned to sell 50 million shares worth roughly $7.5 billion, Reuters reported. The company did not offer a reason for the change in plans. The announcement came as Oracle faces mounting costs tied to its data centre buildout. The company has cut 21,000 jobs this fiscal year, about 13% of its workforce, to help fund the expansion. Oracle disclosed Friday that it had set aside an additional $700 million for restructuring, bringing its total reserve to around $2.8 billion.
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