Insiders including Meta Platforms Inc.’s Mark Zuckerberg, Oracle Corp.’s Safra Catz and JPMorgan Chase & Co.’s Jamie Dimon cashed out shares worth billions of dollars before President Donald Trump’s tariff announcements roiled markets, according to Bloomberg.
Zuckerberg sold 1.1 million shares worth $733 million in the first quarter through his Chan Zuckerberg Initiative and its related foundation, according to an analysis by the Washington Service, which tracks insider buying and selling. All of the sales were in January and February when Meta’s stock was still trading above $600, hitting a peak of more than $736 on Valentine’s Day. The social-media company’s share price has since slid by 32% amid the broader market selloff.
Another top seller was Catz, Oracle’s chief executive officer, who unloaded 3.8 million shares worth $705 million before the tech giant’s stock fell more than 30%. Those proceeds, combined with her remaining stake and investment portfolio, give her a fortune of $2.4 billion, according to Bloomberg Billionaires Index, which is valuing her net worth for the first time.
Dimon, CEO of the largest US bank, sold about $234 million of stock during the quarter. He has a net worth of $3 billion, according to Bloomberg’s wealth index.
The first quarter was a volatile period for markets. While technology stocks saw a surge early in Trump’s presidency, the uncertainty over tariffs in the lead up to April 2 — his so-called Liberation Day — helped prompt a selloff that chopped trillions of dollars off global markets. Elon Musk, the world’s richest person, has seen his wealth tumble $129 billion so far this year as uncertainty over tariffs, which could affect everything from phones to semiconductors, have hit tech industry stocks hard. Already, some billionaire insiders are using the opportunity to buy shares at depressed prices and increase their stakes.
Insider selling overall was down compared with the first quarter of 2024, which saw 4,702 insiders unload shares worth a total of $28.1 billion, compared with $15.5 billion from 3,867 sellers this year, according to Washington Service. The bulk of last year’s sales came from Jeff Bezos, who disposed of Amazon.com Inc. shares worth more than $8.5 billion in February. This year’s first-quarter totals were more evenly distributed with 10 sellers unloading stock worth more than $3.8 billion.
Here are the top insider sellers during the first three months of the year, according to Washington Service:
1. Mark Zuckerberg
Chairman & CEO, Meta Platforms Inc.
Total shares sold: 1,102,945
Total value sold: $733,483,827
The Chan Zuckerberg Initiative and its foundation both sold shares steadily through January and February — all above a $600 share price — under a 10b5-1 plan adopted by the billionaire in August. The 1.1 million shares garnered $733 million for the groups. Zuckerberg’s net worth declined to its lowest level of the year on Thursday at $178 billion. That’s down from a high on Feb. 14 when the Facebook co-founder was worth $259 billion. He remains the third-richest person in the world behind Musk and Bezos. A CZI spokesperson didn’t respond to a request for comment.
2. Safra Catz
CEO of Oracle Corp.
Total shares sold: 3,805,082
Total value sold: $705,455,414
Catz typically exercises and sells shares as stock options are set to expire and she continued that pattern in early 2025, filings show. Under her 10b5-1 trading plan, Oracle’s CEO exercised 3.8 million stock options worth $705 million in January when the company’s stock was trading at more than $180. It’s since fallen more than 30%. Because of her selling pattern, Catz maintains a relatively small holding in Oracle compared with her overall fortune. Oracle didn’t respond to a request for comment on her net worth.
3. Nikesh Arora
Chairman & CEO, Palo Alto Networks Inc.
Total shares sold: 2,365,196
Total value sold: $432,371,610
The billionaire, a former SoftBank Group Corp. executive, has been exercising and selling Palo Alto Networks stock options at the beginning of every month under a 10b5-1 plan adopted in March 2024. The monthly sales have continued in April, bringing the total value sold this year to more than $565 million at an exercise cost of more than $100 million.