Larry Ellison, the world's fourth-richest person and co-founder of Oracle Corporation (NYSE:ORCL), has exercised expiring options and sold $640 million worth of Oracle shares following a recent surge in the company's stock.
Oracle shares reached record highs earlier in June of $127.54 after the company reported its fiscal 4Q results showing cloud sales gained 54% throughout the quarter.
Ellison sold 5.25 million shares between June 20 and June 22 at an average price of approximately $122, while also exercising stock options that granted him the same number of shares at a conversion price of $30.11, according to Bloomberg.
With the significant difference between the strike price and the current share value, Ellison gained around $482 million from these transactions.
Ellison's net worth has seen a substantial rise, reaching $134.2 billion, mainly attributed to his stake in Oracle and investments in Tesla.
Despite the recent sales, Ellison still holds a significant amount of Oracle shares.
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