Key executives, including Meta Platforms Inc.'s Mark Zuckerberg, Oracle's Safra Catz, and JPMorgan Chase's Jamie Dimon, sold billions in stock ahead of market disruptions caused by tariff announcements. According to Washington Service, Zuckerberg sold 1.1 million shares worth $733 million through his Chan Zuckerberg Initiative in the first quarter, when Meta's stock was above $600, peaking at over $736. Following the sales, Meta's stock plummeted 32%.
Oracle CEO Catz sold 3.8 million shares worth $705 million before the company's stock fell over 30%. Her wealth, including remaining shares and investments, reached $2.4 billion. JPMorgan's CEO Dimon sold about $234 million in stock during the first quarter, with his net worth at $3 billion, according to Bloomberg Billionaires Index.
The first quarter saw significant market volatility. Despite initial tech stock surges under Trump's administration, tariff uncertainties triggered a global market decline, impacting tech stocks severely. Elon Musk's wealth decreased by $129 billion this year due to potential tariff impacts on products like smartphones and semiconductors. Some billionaires are capitalizing on the downturn by buying more shares.
Washington Service reported that 3,867 insiders sold $15.5 billion in stock in the first quarter, compared to 4,702 insiders selling $28.1 billion in the same period last year. Last year's sales were led by Jeff Bezos, who sold over $8.5 billion in Amazon stock. This year's sales were more evenly distributed among top sellers, who sold over $3.8 billion in total.
