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Oracle CEO Sells Off $500M, With More To Come

Posted Oct 31, 07 11:10 AM CDT in Business 

(Newser) – The CEO of Oracle sold off half a billion dollars of stock, but analysts contend that the liquidation shouldn't worry investors. Markets noticed when Larry Ellison sold 26 million shares of the software company he founded in 1977. But the Wall Street Journal writes that past sell-offs haven't triggered broad declines - and Ellison plans to unload another 76 million shares in coming months.

Shares in Oracle have gained more than 26% in 2007, and Ellison has chosen to sell at a savvy moment. But in the past, one researcher noted, Oracle has continued to gain after major insider sell-offs, a sign that investors trust that management isn't bailing on the company. Last week Oracle withdrew an offer to acquire middleware producer BEA for $6.7 billion.

Source Wall Street Journal

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Oracle CEO Larry Ellison smiles during the Oracle Open World conference in San Francisco, in this Oct. 25, 2006, file photo. (AP Photo/Paul Sakuma, file)   (Associated Press)
Oracle CEO Larry Ellison smiles during his keynote address at Oracle Open World conference in San Francisco, in this Oct. 25, 2006 file photo. (AP Photo/Paul Sakuma, file)   (Associated Press)
Hasan Rizvi, vice president of identity management and security products at Oracle Corporation gives a conference on 'Security in the Information Age' at the RSA Conference 2007 in San Francisco 07 February...   (Getty Images)
Technology Leaders Address Oracle Open World Conference.   (Getty Images)
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