Activist investor Carl Icahn reported in a regulatory filing that he sold 2.9 million shares of Motorola Mobility Holdings Inc for $114 million.
Last week, Motorola said that its stockholders approved the $12.5 billion deal to be acquired by the search giant Google Inc.
The 2.9 million shares were sold at a slightly lower price than Google's offer of $40 a share for Motorola mobility.
In August, Google said it will buy the handset device manufacturer in its biggest deal ever, paying a steep premium of 63 percent.
Libertyville, Illinois-based Motorola's shares closed at $38.57 on Tuesday on the New York Exchange.