New Delhi, Sept. 13 -- Oracle Executive Chairman Larry Ellison won't sell 50 million shares of Oracle stock, or $7.5 billion worth of stock at the current price, the company said on Saturday. "No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock," the company said.

The statement came a day after Ellison said that a trading plan (10b5-1 Plan) would allow him to sell up to 50 million shares of Oracle common stock, Reuters reported. The Oracle founder's trading plan was reportedly adopted on June 22 and was set to end on October 24.

Ellison, 82, has held on to a substantial portion of the company that he founded in 1977. He continues to control more than 40 percent of Oracle, CNBC previously r...