Ahead of the Tariff Stock Route, Zuckerberg and Dimon Are Among the Top Sellers

During the first quarter of 2025, several high-profile corporate insiders—including Meta’s Mark Zuckerberg, Oracle’s Safra Catz, and JPMorgan’s Jamie Dimon—sold billions of dollars in stock just before markets were shaken by President Donald Trump’s tariff announcements. These moves came as uncertainty surrounding U.S. trade policies contributed to a steep decline in tech stocks and broader market losses.

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Mark Zuckerberg offloaded about 1.1 million Meta shares through his philanthropic organizations—the Chan Zuckerberg Initiative and its affiliated foundation—totaling roughly $733 million.

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All the transactions took place in January and February, when Meta stock was trading above $600, even peaking at over $736 on February 14. Since then, the company’s shares have dropped by 32%. The sales were executed under a prearranged 10b5-1 trading plan established in August. Despite the recent downturn, Zuckerberg remains the third-richest person globally, with a net worth of $178 billion—down from $259 billion at the stock’s peak.

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Oracle CEO Safra Catz also capitalized on strong early-year stock prices, selling 3.8 million shares worth approximately $705 million in January under her own 10b5-1 plan. Oracle shares were trading at over $180 at the time but have since lost over 30% in value. Catz frequently sells shares when her stock options are about to expire. Though she holds relatively few Oracle shares directly, her fortune now stands at $2.4 billion.

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Jamie Dimon, CEO of JPMorgan Chase, cashed out about $234 million in stock during the first quarter. His February 20 sale of 866,361 shares came just two days after JPMorgan stock reached its highest point for the year. He later sold an additional $31.5 million worth of shares in April, bringing his year-to-date total above $250 million. Dimon’s current net worth is estimated at $3 billion.

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The quarter saw notable volatility. Initially, tech stocks surged amid optimism during the early days of Trump’s second term. However, concerns over tariffs—particularly those that could impact phones, semiconductors, and other technology products—sparked a market-wide retreat.

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This instability wiped out trillions in global market value. Elon Musk alone has seen his fortune shrink by $129 billion this year as tech valuations fell.

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Despite the turmoil, insider sales actually declined compared to the same period last year. In the first quarter of 2024, 4,702 insiders sold shares totaling $28.1 billion. This year, 3,867 insiders sold a combined $15.5 billion worth of stock. Last year’s surge was largely driven by Jeff Bezos, who sold over $8.5 billion worth of Amazon stock. In contrast, this year’s sales were more evenly spread, with 10 individuals selling a combined $3.8 billion.

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Nikesh Arora, CEO of Palo Alto Networks, sold around 2.4 million shares worth more than $432 million. His total sales for the year exceed $565 million, thanks to a 10b5-1 plan initiated in March 2024. Arora regularly sells shares at the start of each month.

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Max de Groen, a Bain Capital executive and board member at Nutanix, sold 5.5 million shares valued at nearly $410 million. Bain received these shares last summer after converting a note. At the time, they stated they had no plans to sell—but offloaded about a third of the stake by March, following a 56% price jump. Nutanix shares have since dropped 20%.

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Chuck Davis, co-CEO of Stone Point Capital and a board member at Axis Capital Holdings, sold nearly 4.4 million shares worth $400 million through two stock repurchase deals in February and March. These transactions involved an investment vehicle managed by Stone Point.

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Stephen Cohen, President of Palantir Technologies, sold over 4 million shares valued at $337 million. Palantir stock has been volatile but remains up 24% this year, buoyed by growing investor interest in defense-related companies. Cohen’s fortune is estimated at $3.3 billion.

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Eric Lefkofsky, CEO of Tempus AI and Groupon co-founder, sold 4 million shares worth $231 million. Some of these sales, according to Tempus, were used to cover costs tied to the company’s June IPO. Lefkofsky has a standing plan to sell 1% of his stake each quarter.

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Netflix Co-CEO Ted Sarandos sold 199,063 shares for nearly $195 million in January under a trading plan adopted in October. He had exercised stock options worth $21 million, set to expire between 2026 and 2032. Netflix declined to comment on the sale.

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Travis Boersma, co-founder of Dutch Bros, reported selling 2.5 million shares for $190 million over five days in February. The stock was held in trusts under his control. Boersma, who launched the coffee chain in 1992, became a billionaire after the company’s 2021 IPO.

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As market turbulence persists, some billionaires are beginning to reinvest, taking advantage of depressed stock prices to increase their holdings—suggesting continued confidence despite near-term volatility.

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