Carnival Chairman Arison sells 10 million shares through a trust for about $433.7 million

Cruise operator Carnival said Friday that Chairman Micky Arison has sold 10 million of its shares for approximately $433.7 million.

The block sale of the stock was performed by a trust to benefit Arison. All of Arison's shares are held either directly or indirectly in various trusts.

Arison said that he is selling the stock for tax planning, estate planning and diversification purposes.

After the block sale, members of the Arison family and related entities will remain owners of about 159.2 million shares of Miami-based Carnival Corp.

The company's stock fell slightly in premarket trading.