There are three possibilities:
1. He still has the private keys.
2. He does not have them or cannot access them (this includes his death without leaving them in inheritance).
3. He got rid of them on purpose, as a donation to the rest of Bitcoin holders. Recall his "lost Bitcoin is a donation."
The money involved is huge and Satoshi can do and undo at any time he is ready. I hope such a name Satoshi is not a person, you will be seeing dramas over time, but it will take time, and certainly not soon, so we should just forget it for now. Of course, if Satoshi is rich already, there will be not much need to liquidate his Bitcoin as he is not hungry, he might have the plan to deal with it later, but it might be after some decades.
Do you even know if he/they have willed it out to his/their children just like it is in the stock market? Bitcoin is still young and Satoshi in his wisdom will always be moving away from anything that will cause controversy or affect it. Nonetheless, judging by his preplanned mechanism for Bitcoin, he can't be so daft to lose his private key, he would be smarter than that. I believe he has other future plans for his coins, so watchout even as the world appreciates Bitcoin more.