Zuckerberg, Dorsey And 18 Other Billionaires Lead Massive Stock Sales

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Zuckerberg, Dorsey And 18 Other Billionaires Lead Massive Stock Sales
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Cashing in on record high markets, a number of prominent billionaires have been unloading massive amounts of stock. Here are the huge windfalls that have some worrying about a market bubble.

Courtesy Carvana; Jeff Chiu/AP; Matt Crossick/Getty Imagest’s been an incredible run for U.S. stocks over the past six months. The S&P 500 has surged 28% in that time, setting new record highs every month, with investors optimistic about the return to normalcy as more Americans get the Covid-19 vaccine. Such exuberance helped billionaires’ worldwide wealthE-Trade survey

of 957 active investors earlier this month revealed that 69% of the respondents thought the market was in a bubble. Certainly plenty of investors have been cashing in, including some of the nation’s richest. Based on an analysis by, the biggest billionaire seller in recent months is Ernest Garcia II, the largest individual shareholder of used car e-commerce company Carvana. Garcia, who was convicted of criminal fraud in 1990 stemming from his small role in Charles Keating’s Lincoln Savings & Loan scandal, trimmed his stake every day for 73 trading days straight and unloaded $1.

As a percentage of their fortunes, venture capitalist and financier Chamath Palihapitiya is the largest liquidator since November after divesting his entire personal stake in Virgin Galactic for pre-tax proceeds of $311 million, about one-fourth of his $1.2 billion net worth. Garcia and Palihapitiya are among 20 U.S. billionaires who sold a combined $8.7 billion in stock in the last six months. Some have sold as part of Rule 10b5-1 trading plans, which allow insiders to sell shares in companies on a predetermined schedule. Others have simply offloaded huge chunks of their stock on the open market. All of them sold at least $100 million worth of stock between November 1, 2020 and April 22, 2021; three have sold more than $1 billion worth apiece.

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