Question about the Collaboration Limit

Is the maximum number of collaborators that can be invited to a file 500 people? When trying to invite collaborators with 500 already present, the following response is returned:

Unexpected API Response [403 Forbidden | xxxx ] access_denied_insufficient_permissions - Access denied - insufficient permission

I have confirmed that more than 1000 people can be invited to a folder, but is there a limit on the number of collaborators that can be invited to a folder?