Larry Ellison cancels plan to sell Oracle stock

Sept 12 (Reuters) - Oracle Executive Chairman Larry Ellison has canceled his plan to sell 50 million shares of Oracle stock, the company said on Saturday.

"No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock," the company said.

 This comes a day after Ellison said that a trading plan would allow him to sell up to 50 million shares of Oracle common stock.

Oracle in February said it expects to raise $45 billion to $50 billion in 2026 in a combination of debt and stock to build additional capacity for its cloud infrastructure and meet demand from customers including AMD, Meta, Nvidia, OpenAI, TikTok and xAI.

The company said it plans to raise $40 billion through debt and equity financing in the current fiscal year, including the $20 billion stock sale completed in the first quarter.

In a regulatory filing on Friday, the firm said restructuring costs, part of a plan that includes job cuts, will rise by about $700 million as it navigates a volatile stretch for its stock, with investors seemingly split between confidence in its AI-driven growth and concern over how it is funding that growth.

Oracle's shares rose as much as 7.8% on Friday after a $26 billion increase in its revenue backlog eased some concerns about its debt-fueled spending spree. The stock later reversed course to close about 2% lower, as analysts said a recovery in cash flow remains some way off.

That, coupled with upbeat first-quarter earnings and an improving balance sheet, helped Oracle's shares recover from a spell of underperformance.

(Reporting by Sumedha Mukherjee and Preetika Parashuraman in Bengaluru; Editing by Will Dunham and Chizu Nomiyama )