According to the latest data from Washington Service, which tracks insider trading activities, Royal Caribbean Cruises (RCL.US) heir Arne Alexander Wilhelmsen emerged as the largest insider seller in the first quarter. This shift occurred as many frequent large-scale insider sellers reduced their stock sales amid growing caution toward the technology sector's outlook. Data shows that 4,419 insiders sold $16.3 billion worth of stock during Q1, up from 3,867 insiders selling $15.5 billion in the same period last year. The top ten sellers collectively reduced their holdings by $2.3 billion, down from $3.8 billion a year earlier.
The Wilhelmsen family office sold over $500 million in stock, marking its first divestment since 2024. Peter Thiel ranked second on the list by selling $290 million of Palantir (PLTR.US) shares through a pre-arranged 10b5-1 trading plan. Executives from CoreWeave (CRWV.US), Broadcom (AVGO.US), and NVIDIA (NVDA.US) also featured among the top ten sellers. Notably, half of the top ten insider sellers in the first three months of this year came from companies benefiting from artificial intelligence (AI), a decline from 2025 when nine of the top ten sellers were from tech firms.
This transition coincides with software stocks facing sell-offs due to AI disruption concerns and global market volatility triggered by conflicts involving Iran. Analysts note that while insider transactions are often influenced by personal financial planning rather than direct market outlook, they may still signal growing corporate caution. The cautious sentiment was particularly evident in February alone. Data from Washington Service shows the ratio of sellers to buyers among U.S. public company insiders surged to 4.2 in February, the highest level since July 2024. That month recorded 2,260 insider sales compared to just 543 purchases, with total sales amounting to approximately $6.6 billion.
The disparity was even more pronounced among S&P 500 constituent companies. In February, 833 executives sold over $4.9 billion in stock, while only 74 executives made purchases totaling just $271 million. It is important to note that February data does not yet reflect the market impact of the outbreak of conflict involving Iran.
Below is Washington Service's list of the top ten insider sellers for Q1. Data excludes beneficial owners such as capital management funds. Unless otherwise stated, the listed companies did not respond to requests for comment.
1. Arne Alexander Wilhelmsen Position: Director, Royal Caribbean Cruises Ltd. Total Shares Sold: 1,731,597 Total Value: $549,611,077 Wilhelmsen, heir to Royal Caribbean's multibillion-dollar stake, hails from a Norwegian shipping dynasty. His father, Arne Wilhelmsen, joined the family shipping business in 1954 and became president in 1961. Royal Caribbean was established in the late 1960s through a collaboration of three Norwegian shipping companies, initially aimed at building cruise ships suitable for warm climates, with its headquarters based in Miami. Arne Alexander Wilhelmsen assumed the family's board seat in 2003. He also serves as chairman of Awilhelmsen, the family investment firm that has expanded into oil, real estate, and other industrial sectors. In February, Awilhelmsen sold nearly $550 million in Royal Caribbean stock through a series of transactions and still holds over 6% of the company.
2. Peter Thiel Position: Chairman, Palantir Technologies Inc. Total Shares Sold: 2,000,000 Total Value: $289,707,507 Since Donald Trump's presidential election victory, Palantir insiders have sold billions of dollars in stock, as Trump's win boosted the software company's share price. Thiel's sale of 2 million shares in March via a 10b5-1 plan marked his first divestment since 2024 and his first since relocating to Florida in December last year amid California's proposed billionaire tax. Despite the sale, Thiel retains voting control over the company through special founder shares.
3. Henry Samueli Position: Chairman, Broadcom Total Shares Sold: 781,967 Total Value: $250,000,302 As one of the biggest beneficiaries of the AI boom, California-based chipmaker Broadcom reported record revenue in its first fiscal quarter ended February 1. Chairman and co-founder Samueli sold a $250 million position held by a limited liability company through a 10b5-1 plan in March and donated approximately $135 million in stock. According to the Bloomberg Billionaires Index, Samueli holds about 2% of the company, constituting the majority of his $32.7 billion fortune. A Broadcom spokesperson declined to comment.
4. Mat Ishbia Position: CEO, UWM Holdings Corp. (UWMC.US) Total Shares Sold: 44,018,288 Total Value: $197,457,027 Ishbia has been consistently reducing his UWM holdings through SFS Holding Corp. since June 2025, selling over $560 million via 10b5-1 plans in the past 10 months. Data indicates Ishbia personally controls 75% of SFS's holdings, with the remainder linked to his father Jeff and brother Justin. UWM's stock fell 17% in Q1 as rising interest rates dampened expectations for the mortgage provider. Ishbia's $8.6 billion net worth primarily stems from his UWM stake, ownership of the Phoenix Suns basketball team, and dividends from SFS's UWM holdings.
5. Jonathan Fairbanks Position: Chairman, Flowco Holdings Inc. (FLOC.US) Total Shares Sold: 8,970,000 Total Value: $189,939,750 Fairbanks is managing partner of Houston-based private equity firm Global Energy Capital (GEC). Through a series of mergers, GEC helped establish Flowco, a publicly traded company supplying oilfield equipment, with Fairbanks serving as chairman. In March, Flowco announced a public secondary offering of shares held by GEC-affiliated entities, with transactions filed under Fairbanks's name. Reported demand for the secondary offering was nearly five times the offering size.
6. Jay Puri Position: Executive Vice President of Global Business Operations, NVIDIA Total Shares Sold: 1,000,000 Total Value: $183,002,963 NVIDIA's stock surge of 1,177% over the past five years propelled Puri into the billionaire club. The 21-year veteran at the Santa Clara-based chipmaker, responsible for sales as executive vice president of global field operations, sold 1 million shares in his largest divestment of NVIDIA stock to date. An NVIDIA spokesperson stated, "Mr. Puri's transactions were based on a 10b5-1 plan with predetermined price, volume, and date parameters."
7. Brannin McBee Position: Chief Development Officer, CoreWeave Total Shares Sold: 2,060,805 Total Value: $173,422,847 CoreWeave insiders sold over $1 billion in stock after the IPO lock-up period expired last year and continued cashing out in Q1. Since last August, McBee has sold more than $685 million in CoreWeave shares. Filings show that even before the IPO, the executive, who began his career as an energy and agricultural commodities trader, realized $150 million through tender offers. The majority of his $2.6 billion net worth remains tied to his 4% stake in CoreWeave, whose shares have risen 130% since its March listing last year.
8. Reed Hastings Position: Chairman, Netflix (NFLX.US) Total Shares Sold: 1,648,360 Total Value: $151,758,137 Despite Netflix's stock volatility early in the year, the co-founder maintained a steady pace of sales in Q1. Netflix shares hit a yearly low in February as investors reacted negatively to its attempted acquisition of Warner Bros. Discovery (WBD.US), but rebounded 14% in a single day after the streaming company abandoned the bid. Calculations show Hastings typically sells shares monthly and has divested over $2.5 billion in Netflix stock since 2003. These proceeds helped fund his purchase of a Utah ski resort, currently undergoing a $40 million upgrade. The 65-year-old billionaire did not respond to requests for comment and retains a 0.5% stake in the company along with approximately 2 million Netflix stock options, constituting part of his $6.8 billion fortune. (Hastings also serves on the board of Bloomberg LP.)
9. Brian Venturo Position: Chief Strategy Officer, CoreWeave Total Shares Sold: 1,613,202 Total Value: $138,211,851 Like other CoreWeave co-founders, Venturo has been active in selling company shares since the IPO, divesting over $500 million to date. The chief strategy officer utilized 10b5-1 plans for some transactions and still holds a 6% stake in the company. His net worth is estimated at $3.6 billion according to the Bloomberg Billionaires Index. Although CoreWeave's stock remains above its IPO price, it has declined from last summer's highs. The company reported a larger-than-expected loss in February, sparking concerns over rising capital expenditures and triggering a 19% stock drop.
10. Kevin Stein Position: Director, TransDigm Group Inc. (TDG.US) Total Shares Sold: 98,000 Total Value: $138,048,502 Stein retired from the aircraft components manufacturer last September after serving as CEO for over seven years. During his tenure, the Cleveland-based company faced government scrutiny over product pricing, leading to a Pentagon request for refunds in 2022. Stein joined the company as COO in 2014 and continues to serve as a director. The majority of shares sold were related to exercising stock options expiring between 2028 and 2030.
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