He needed to exercise more stock...
Published: 4 September 2001 12:16 GMT
Larry Ellison, CEO of Oracle, has cashed in 23 million common shares in the company for $706m.
Ellison still has around 25 million exercisable options remaining, which he will be able to cash-in over the next four years.
Including the shares just sold, Ellison owns about 25 per cent of Oracle's outstanding stock.
While this boost to the flamboyant CEO's wealth may smack of extreme 'fat cattery' Ellison's defenders would point out that he has waived his salary for fiscal 2001, 2002 and 2003.
Oracle's share price was on the rise at close of business late last night reaching $12.21 on the Nasdaq exchange. However, the price was a far cry from its year high of $46.47.
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