Jeff Bezos, Mark Zuckerberg lead the way in big tech insider stock sales
Magnificent Seven tech companies are following Jeff Bezos and Mark Zuckerberg in realising gains from the stocks that have largely powered the boom in US equity markets.
Almost a dozen executives and directors at the firms recently boosted their share sales, earning more than $160 million since late 2023 after not cutting their stakes in as long as nine years, according to data compiled by Bloomberg.
Take Alphabet Inc chief executive officer Sundar Pichai. He's already sold more stock in Google's parent this year than in all of 2023, pocketing $30 million overall from almost two dozen sales filed as recently as this month. Alphabet's shares have risen over 90% since the start of 2023.
Nvidia Inc director Mark Perry has sold more stock so far this year than in the previous two years. And Apple Inc chairman Arthur Levinson filed in February to offload his biggest chunk of the iPhone-maker's stock in over two decades.
A representative for Alphabet said Pichai's sales were done through a trading plan. Nvidia declined to comment, while Apple didn't respond to a request for comment.
Monetising holdings
These decisions underscore how Silicon Valley insiders are monetising their holdings after tech stocks rallied to fresh records, rebounding from a 2022 slump caused by accelerating inflation and interest-rate hikes. Nvidia is the best performer among the Magnificent Seven stocks — and third-best on the S&P 500 Index — this year with an 83% gain.
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