Michelle ThompsonMany of America’s richest business leaders have experienced significant losses, totaling millions or even billions in net worth since the start of the year, as President Donald Trump’s policies impacted the markets. However, some might have faced even greater losses if they hadn’t sold off millions in stock before Trump’s tariff announcement in early April. This wasn’t necessarily because they had insider knowledge, but because the wealthiest investors manage their portfolios differently than average ones.
Meta CEO Mark Zuckerberg, Oracle CEO Safra Catz, and JPMorgan CEO Jamie Dimon were among the top 10 stock sellers by value during the first three months of the year, according to data from The Washington Service, which tracks insider trading.
In total, the top 10 insiders sold over 28 million shares of their companies, valued at $3.9 billion, in the first quarter. This occurred before the market experienced a sharp decline when Trump announced broad tariff hikes on U.S. trade partners on April 2. Although Trump later reversed some of his tariff plans, uncertainty continued to disrupt the markets.
Bloomberg first reported the data from The Washington Service. Representatives for Zuckerberg, Dimon, and Catz did not immediately respond to requests for comment.
Corporate executives typically sell stocks at scheduled intervals, and there’s no evidence that the top sellers were attempting to anticipate the tariff announcement. However, the timing allowed them to minimize their losses compared to if they had sold their shares later.
Zuckerberg sold 1.1 million shares worth approximately $733.5 million in the first quarter. According to SEC filings, these sales occurred in January and February when Meta shares were mostly priced above $600. As of midday Wednesday, Meta shares were around $530, reflecting an 11% decline for the year. This drop in Meta’s stock price has reduced Zuckerberg’s net worth by nearly $30 billion since the beginning of the year, according to the Bloomberg Billionaires Index. Despite the sales, Zuckerberg still holds over 342 million shares of Meta, about 13% of the company.
Zuckerberg’s wealth decline is especially notable given his efforts to build a closer relationship with Trump, likely in the hopes that Trump’s policies would benefit Meta. These efforts included donating to and attending Trump’s inauguration, as well as settling a lawsuit Trump filed against Meta after the company suspended his account following the January 6, 2021, Capitol riot. The settlement includes a $25 million agreement, with $22 million earmarked for funding Trump’s upcoming presidential library.
Catz sold 3.8 million shares of Oracle worth $705 million in the first quarter. Oracle’s stock has dropped nearly 19% since the start of the year.
Dimon, from JPMorgan, sold over 860,000 shares worth $233.8 million in the first quarter. Dimon has warned that a recession is a likely result of Trump’s trade policies.
The top ten insider sellers by share value in the first quarter were: Zuckerberg, Catz, Palo Alto Networks CEO Arora Nikesh, Nutanix Director Max de Groen, Axis Capital Holdings Director Charles Davis, Palantir President Stephen Cohen, Dimon, Tempus AI CEO Eric Lefkofsky, Netflix Co-CEO Ted Sarandos, and Dutch Bros CEO Travis Boersma.
