Billionaires and corporate execs have dumped $9 billion worth of stock this year amid the market's latest rally
, the heirs to Walmart and Sam's Club. The family sold off $4.39 billion in Walmart shares during the first half of 2023, shedding their holdings as the retail giant gained 9% in the first six months of the year.
Meanwhile, AirBnB co-founder Joe Gebbia sold off $893 million of his company's stock during the first half. The home-sharing site's shares are up 59% since the start of the year. sold Oracle stock for the first time in two years, shedding $848 million in the first half. Oracle CEO Safra Catz also trimmed her holdings of the company, selling $470 million worth of the company's stock. Shares are up 37% from the start of the year.
Other big sellers include Salesforce's Marc Benioff, Moderna CEO Stephane Bancel, and Apollo co-founder Josh Harris, who each sold off around $200-$300 million shares of their companies' stock. Meanwhile, insider buying on Wall Street has dropped to around half of the levels reported last year.have moved to sell their shares amid an impressive rebound for stocks this year, with the S&P 500 up 15% from levels in January. Many of those sales have been concentrated in the tech sector, with large-cap tech stocks soaring amid massive excitement for artificial intelligence.
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