AUSTIN, Texas: Oracle Executive Chairman Larry Ellison has scrapped a plan that would have allowed him to sell as many as 50 million shares in the software company, just a day after the proposed sale was disclosed.

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

Ellison had said on Friday that a trading plan would permit him to sell up to 50 million shares of Oracle common stock.

The reversal comes as Oracle is raising billions of dollars to expand its cloud infrastructure and meet growing customer demand.

The company said in February that it expected to raise between $45 billion and $50 billion in 2026 through a combination of debt and stock to build additional cloud capacity for customers including AMD, Meta, Nvidia, OpenAI, TikTok and xAI.

Oracle has also said it plans to raise $40 billion through debt and equity financing during its current fiscal year. That includes a $20 billion stock sale completed in the first quarter.

The company disclosed in a regulatory filing on Friday that restructuring costs associated with a plan that includes job cuts are expected to increase by about $700 million.

Oracle's stock has been volatile as investors weigh confidence in the company's AI-driven growth against concerns about how it is financing that expansion.

Shares climbed as much as 7.8% on Friday after Oracle reported a $26 billion increase in its revenue backlog, helping ease some concerns about its debt-funded spending. The gains did not hold, however, and the stock ended the session about 2% lower as analysts said a recovery in cash flow remained some way off.

Upbeat first-quarter earnings and an improving balance sheet have also helped Oracle shares recover from a period of underperformance.