Larry Ellison, Chairman of Oracle, holds 40 percent of the stock, and this gives authority to sell 50 million shares through 24th October. Oracle is cutting jobs, stating that they are restructuring. Oracle has already spent $2.1 billion tied to the restructuring plan and is about to cut jobs worth $700 million. Oracle is saving cash. Chief Financial Officer Hilary calls these efficiency actions that are helping Oracle reduce costs and protect margins. Till May, 49,000 workers were working for Oracle, and 92,000 worldwide.
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