Larry Ellison nixes plan to offload up to $7.5 billion worth of Oracle stock

Larry Ellison has canceled his plan to sell up to 50 million of his shares in Oracle , or $7.5 billion worth of stock at the current price.

The reversal came just a day after a regulatory filing disclosed the Oracle founder's trading plan, which had been adopted on June 22 and was set to end on Oct. 24.

No Oracle stock had been sold under the 10b5-1 Plan to sell stock, and Ellison has no other plans to sell any of his shares, according to the Saturday news release . Few other details were given.

The billionaire, 82, has held onto a substantial portion of the company that he founded in 1977. He continues to control more than 40% of Oracle, CNBC previously reported. Ellison has helped to turn Oracle from a legacy software maker into a major player in artificial intelligence infrastructure.