Turner, who remains the company's largest shareholder, sold 50 million AOL shares and transferred 10 million to a charitable trust.

Turner's sale of 60 million shares raised some $792.6 million, based on the current share price, and amounts to about a third of his net worth, using calculations from Forbes magazine, cnn.com reports. Turner held about 105 million shares before the sale.

Turner, who will step down as vice chairman of AOL Time Warner at the company's annual meeting on 16 May, however plans to stay on the company's board.

Turner earlier sold about $133 million worth of AOL stock in January and February. An AOL statement also said that Turner has ended his stock-selling programme that was in place since last year.

Turner founded CNN in 1980 and went on to become the largest AOL Time Warner shareholder through his sale of Turner Broadcasting to Time Warner in 1996 and AOL's subsequent acquisition of Time Warner.