Billions in shares were quietly sold by top executives before the April 2 tariff announcement—here’s how they skirted the fallout.
It turns out some of America’s biggest names quietly lightened their stock holdings just before the White House unveiled new tariffs on April 2, 2025. As whispers of sweeping levies grew louder in the first quarter, several high‑profile insiders moved fast to lock in gains while prices were still high.
Mark Zuckerberg led the pack by offloading roughly 1.1 million Meta shares in January and February, raising about $733 million through his foundation’s nonprofit structure. Those shares were sold when Meta stock was hovering above $600—and long before it plunged more than 30% after the tariff news. At its February 14 peak, Meta briefly traded over $736, the same day Zuckerberg’s net worth hit an all‑time high of $259 billion.
Oracle’s CEO, Safra Catz, also tapped into her options early, exercising and selling about 3.8 million shares in January for roughly $705 million. Oracle stock was north of $180 at the time but has since slumped by over 30%. Catz’s moves, executed under her regular 10b5‑1 trading plan, trimmed her stake but swelled her cash reserves.
JPMorgan’s Jamie Dimon wasn’t far behind. He pulled $234 million from the market in Q1, starting with a sale on February 20 right after J.P. Morgan stock reached its 2025 high. Then in mid‑April, he sold another 133,639 shares for $31.5 million—pushing his total take for the year above $265 million.
But the roundup didn’t end with the Silicon Valley and banking titans. Nikesh Arora of Palo Alto Networks netted over $432 million by selling 2.36 million shares under a monthly option‑exercise plan, bringing his year‑to‑date haul past $565 million. Nutanix board member Max de Groen flipped 5.5 million shares for $409 million after Bain Capital converted a large block of stock last summer. And Axis Capital board member Chuck Davis arranged a nearly $400 million sale when his firm repurchased shares through an affiliated vehicle.
Other exits spanned industries: Palantir’s Stephen Cohen eased out $337 million in Q1; Tempus AI’s Eric Lefkofsky sold $231 million worth of shares post‑IPO; Netflix’s Ted Sarandos drew $195 million by exercising options; and Dutch Bros co‑founder Travis Boersma pocketed $189 million from trust-held shares.
According to The Washington Service, insiders across the board sold $15.5 billion in Q1—less than last year’s $28.1 billion, but still a hefty sum given the market jitters. Many of those early sellers sidestepped the tariff‑driven downturn, while others have already begun eyeing bargain opportunities as stocks dip.
Summary of Key Points
Pre‑announcement timing: Executives moved in January–March, before tariffs were officially announced on April 2, 2025.
Biggest players: Zuckerberg ($733 M), Catz ($705 M), Dimon ($265 M+) led the initial wave.
Broader trend: Tech, finance, and healthcare insiders collectively sold $15.5 billion in Q1—down from $28.1 billion in Q1 2024.
Ongoing strategies: Most sales followed pre‑planned 10b5‑1 programs, ensuring orderly, rule‑compliant trades.
Market aftermath: Stocks dipped up to 32% post‑tariffs; some insiders have since started buying the dip.