According to a latest report, insiders including Meta Platforms Inc. META’s Mark Zuckerberg, Oracle Corp. ORCL’s Safra Catz, and JPMorgan Chase & Co. JPM’s Jamie Dimon offloaded shares worth billions prior to President Donald Trump‘s tariff declarations that sent shockwaves through the markets.

Zuckerberg, through his Chan Zuckerberg Initiative and its associated foundation, sold 1.1 million shares valued at $733 million in Q1.

The sales took place in January and February when Meta’s stock was still trading above $600. Since then, the share price has plummeted by 32% amid a wider market selloff, reports Bloomberg.

Oracle’s CEO, Catz, was another significant seller, offloading 3.8 million shares worth $705 million before Oracle’s stock fell by over 30%. Dimon, CEO of the largest US bank, sold about $234 million of stock during the quarter.

Also Read: Trump’s Tariff Policies Fuel Economic Concerns, Economists Expect Slower Growth Ahead

The first quarter was a tumultuous period for markets. The uncertainty over tariffs leading up to April 2, Trump’s so-called Liberation Day, prompted a selloff that wiped trillions off global markets.

The world’s richest person, Elon Musk, has seen his wealth tumble $129 billion this year as tariffs hit tech industry stocks hard.

Despite the selloff, some billionaire insiders are buying shares at depressed prices to increase their stakes. Insider selling overall was down compared with Q1 of 2024, which saw 4,702 insiders unload shares worth a total of $28.1 billion, compared with $15.5 billion from 3,867 sellers this year, according to Washington Service.

These massive sales by insiders ahead of the tariff announcements raise questions about the timing and knowledge of the insiders. The significant drop in share prices following the tariff announcements has led to substantial losses for those who held onto their shares.

However, it’s worth noting that insider selling was down compared to the same period in 2024, suggesting a more complex market dynamic at play.

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