Former Jet2 chairman Philip Meeson has sold five million shares in the company.
The proportion sold represents about 2.3% of the issued ordinary share capital in the business.
The value of the share sale was not disclosed.
A company statement said: “Philip’s rationale for the transaction has been driven by personal financial considerations alone.
“Philip believes that Jet2, as a market leader in the holiday business and with its firm order for 146 Airbus A321 aircraft is ideally positioned to fully take advantage of a market with huge potential.
“He believes there is a great future for Jet2 and he expects to continue as a very substantial shareholder in Jet2 going forward.”
Meeson bought Jet2 as a cargo business in 1983 and transformed it into the UK’s largest tour operating and in-house airline group.
He announced his intention to step down as executive chairman in July 2023 with Robin Terrell succeeding him a year ago.