Mike Milken Sells High

As 7th Level continues plans to refocus its business away from games, a high-profile stockholder is shedding some weight.

Variety is reporting that former junk bond king Michael Milken sold about one-third of his holding in the company.

An SEC filing on Friday showed that Milken sold 500,000 shares for a total of about US$1.7 million after the company's stock jumped following an announcement on Wednesday of a deal between 7th Level and Microsoft.

The stock rallied to $3 that day and $3.72 on Thursday, falling to $3.06 on Friday.

Milken still owns 1.3 million shares, or about 9.5 percent of the stock. The filing did not specify the price he received. He was one of 7th Level's original investors in 1993.