JPMorgan Chase CEO Jamie Dimon and his family are selling off a large stake in the firm, the first such transaction since he took the helm in 2005.

A Friday morning regulatory filing shows that the 67-year-old executive will offload 1 million shares of the company, a number that equates to about $141 million. The sale is listed as being conducted for tax planning and financial diversification purposes.

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In the filing, it is noted that Dimon still sees JPMorgan’s outlook as bright and emphasized that he will continue to hold a huge chunk of company stock.

“Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” the filing reads. “He and his family currently hold approximately 8.6 million shares, and in addition he continues to have unvested Performance Share Units relating to 561,793 shares and Stock Appreciation Rights relating to 1,500,000 shares, subject to the terms and conditions of each grant.”

Dimon is one of the wealthiest executives in the world, with an estimated net worth of $1.6 billion, according to daily tracking by Forbes.

Still, such a massive sell-off in stocks from Dimon is notable, and JPMorgan’s stock declined following news of the filing.

Shares of JPMorgan were trading down 3% on Friday morning after the news broke. Still, JPMorgan is up about 9.6% over the past year. Since Dimon took over as CEO, the company’s value has gone up some 240%.

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“Given that this is Mr. Dimon’s first such sale since joining the company and that he is such a critical part of the story, we are certain the announcement will draw attention,” said analysts from Piper Sandler in a note to clients, according to Bloomberg.

The analysts said that the move might cause some short-term shakiness with the stock but added that “diversification sure seems prudent, and we find no fault with the decision.”