Oracle co-founder and executive chairman Larry Ellison has cancelled plans to sell shares worth about $7.5bn, the company announced on Saturday.

Oracle had earlier disclosed in a regulatory filing that Ellison planned to sell 50 million shares, according to Reuters.

The company did not provide a reason for the decision to cancel the planned sale.

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

Oracle’s stock has fallen 22 per cent since the start of the year, as the company continues to spend heavily on expanding its data centre infrastructure.

Oracle has also emerged as one of the major owners and security partners supporting TikTok’s US operations.

Ellison has also used his wealth to support his son David’s bid to acquire Warner Bros., a deal that is currently being challenged in court.