Larry Ellison cancels plan to sell $7.5 billion in Oracle stock

Larry Ellison, the founder and top executive of Oracle, canceled a plan to sell up to 50 million company shares. The plan was canceled on September 12, one day after it became public through a regulatory filing. No shares were sold before he canceled it.

The plan was created in June and would have allowed Ellison to sell shares worth around $7.5 billion. Oracle's stock has fallen roughly 16 to 23 percent this year, so the shares are worth less than when the plan started.

Oracle says Ellison has no other plans to sell stock. He still owns more than 40 percent of the company. Analysts believe the cancellation shows Ellison thinks the current share price is too low.