A group of top U.S. executives, including Meta’s Mark Zuckerberg, Oracle’s Safra Catz and JPMorgan Chase’s Jamie Dimon, sold billions of dollars in stock in the first quarter of 2025 ahead of a sharp market downturn triggered by trade uncertainty tied to former President Donald Trump’s proposed tariffs.
According to data from the Washington Service, which tracks insider trading activity, 10 high-profile executives collectively offloaded shares valued at over $3.8 billion before the market reacted to growing fears of a global trade conflict.
The insider sales occurred prior to April 2, which Trump branded as “Liberation Day,” when he made public his aggressive tariff strategy.
Mark Zuckerberg sold approximately 1.1 million Meta shares worth $733 million in January and February through the Chan Zuckerberg Initiative and its related foundation.
All sales were executed under a 10b5-1 trading plan when Meta stock was above $600. On February 14, Meta peaked at over $736 per share but has since declined by 32% amid broader market weakness.
Zuckerberg’s net worth has dropped from $259 billion in February to $178 billion as of last week.
Oracle CEO Safra Catz sold 3.8 million shares valued at $705 million in January, also under a 10b5-1 plan. Shortly after, the stock fell by more than 30% since the sales.
Despite her routine sales, Catz now holds a net worth of $2.4 billion as reported by Bloomberg’s Billionaires Index.
Jamie Dimon, CEO of JPMorgan Chase, sold over $233 million worth of shares in February, his first major sale in almost a year. Dimon has continued to trim his holdings with an additional $31.5 million in sales recorded in April to bring his year-to-date total sales to over $265 million.
Nikesh Arora, CEO of Palo Alto Networks, sold over 2.3 million shares worth $432 million in the first quarter.
His structured monthly sales under a 10b5-1 plan began in March 2024 and have continued into April with cumulative proceeds exceeding $565 million.
Other major sellers include Max de Groen, a director at Nutanix, who sold 5.5 million shares for $409 million.
Chuck Davis of Axis Capital Holdings sold $400 million worth of shares, while Palantir President Stephen Cohen disposed of $337 million.
Tempus AI CEO Eric Lefkofsky sold $231 million and Netflix Co-CEO Ted Sarandos sold $194 million in January. Dutch Bros Chairman Travis Boersma rounded out the top 10 with sales of $190 million.
While overall insider selling volume was lower compared to Q1 2024, the distribution was more balanced. Last year, 4,702 insiders sold shares worth $28.1 billion with Jeff Bezos alone accounting for over $8.5 billion.
This year, 3,867 insiders sold $15.5 billion in total with no single seller dominating the figures.
The timing of these sales before a significant market decline has reignited debate over the use of pre-scheduled trading plans and the ability of corporate insiders to shield themselves from upcoming volatility.
Analysts say the decline in tech stocks in particular reflects investor sensitivity to U.S. trade policy and global supply chain disruptions.
Since the beginning of the year, tech-focused indexes have underperformed with several high-growth firms losing more than 30% of their market value.
Elon Musk’s fortune alone has dropped by $129 billion due to the sharp selloff in Tesla and related holdings.
Despite the selloff, some insiders have already begun to buy back shares at lower prices as they look to capitalize on discounted valuations. This buying activity may indicate expectations of a market rebound once trade uncertainties subside.
The spike in executive stock sales underscores broader concerns about how major policy shifts, including tariffs, can influence trading behavior among corporate leaders and reshape investor sentiment across sectors.
