NEW YORK -- The founder and former chief executive of Monster Worldwide Inc. has sold $38.6 million worth of his stock in the company, according to a U.S. regulatory filing Thursday.

Andrew McKelvey, who resigned from the company last year after refusing to be interviewed for an internal investigation into stock option grants, sold 1 million shares of the online job search company's stock on Tuesday, according to the filing.

The sale was McKelvey's second large sale this year. McKelvey sold 1 million shares worth $48.9 million in May. When McKelvey left the company in October 2006, he held 11.8 million shares. Tuesday's sale reduced his holdings to 9.5 million shares.

Monster shares were down $1.44 or 3.7 percent at $37.46 in afternoon trading on the Nasdaq.

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