PartyGaming Plc confirmed on Saturday that Vikrant Bhargava, the company’s 34-year-old co-founder and former marketing director, has sold another ¬49 million (approx. US$96.1 million) worth of PartyGaming shares.

Bhargava, who owned nearly 12% of the company when it went public in 2005, sold some of his shares at the time of the IPO and another portion in March of last year. After selling an additional 4% over the weekend, Bhargava’s stake in the company now stands at a reported 2.96%.

Bhargava stopped working for PartyGaming in August 2006, about a month before the company’s share prices dropped by almost 60% when the U.S. Senate passed the SAFE Port Act.

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