Ryanair chief executive Michael O'Leary sold five million shares in the airline last Friday at a price of €3.75 each.
In a stock exchange announcement, Ryanair said Mr O'Leary now has a stake of 4.06% in the airline.
Last week Ryanair reported a loss of €169m for the year to March after writing down €222.5m for the fall in the value of its almost 30% stake in Aer Lingus. This compares to profits of €390m the previous year.
The airline said its adjusted net profits fell by 78% to €105m, but added that it expected to 'at least double' that to €200-300m in 2009-10. Pre-tax profits fell to €180m for the year.
Revenues for the 12 month period rose by 8% to €2.942 billion as air fares fell by 8%. The airline's passenger numbers increased by 15% to 58.5 million in the year.
Ryanair shares closed down 14 cent at €3.61 in Dublin.
