MercadoLibre(MELI.US) beats expectations, driving shares to new highs, CEO cashes out $330M

Following MercadoLibre's (MELI.US) better-than-expected earnings, co-founder and CEO Marcos Galperin reduced his stake in the Latin American e-commerce platform as its shares soared to an all-time high.

Galperin sold 150,000 shares through his Meliga No. 1 Limited Partnership for $329.6 million, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.

The e-commerce and fintech giant, which is the region's most valuable company, is now worth $111 billion. Last week, MercadoLibre reported record quarterly revenue and profits, driving its shares to an all-time high.

Galperin's personal net worth is $9.8 billion, according to the Bloomberg Billionaires Index. The sale is his first since August last year.

Company spokesperson declined to comment on the sale.