Oracle CEO Sells Off $500M, With More To Come
But investors aren't worried as Ellison liquidates 26 million shares
By Jason Farago,  Newser Staff
Posted Oct 31, 2007 11:10 AM CDT
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)
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(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.