Technology
Ranked: Big Tech CEO Insider Trading During the First Half of 2021
Big Tech CEO Insider Trading During The First Half of 2021
When CEOs of major companies are selling their shares, investors can’t help but notice.
After all, these decisions have a direct effect on the personal wealth of these insiders, which can say plenty about their convictions with respect to the future direction of the companies they run.
Considering that Big Tech stocks are some of the most popular holdings in today’s portfolios, and are backed by a collective $5.3 trillion in institutional investment, how do the CEOs of these organizations rank by their insider selling?
CEO | Stock | Shares Sold H1 2021 | Value of Shares ($M) |
---|---|---|---|
Jeff Bezos | Amazon (AMZN) | 2.0 million | $6,600 |
Mark Zuckerberg | Facebook (FB) | 7.1 million | $2,200 |
Satya Nadella | Microsoft (MSFT) | 278,694 | $65 |
Sundar Pichai | Google (GOOGL) | 27,000 | $62 |
Tim Cook | Apple (AAPL) | 0 | $0 |
Breaking Down Insider Trading, by CEO
Let’s dive into the insider trading activity of each Big Tech CEO:
Jeff Bezos
During the first half of 2021, Jeff Bezos sold 2 million shares of Amazon worth $6.6 billion.
This activity was spread across 15 different transactions, representing an average of $440 million per transaction. Altogether, this ranks him first by CEO insider selling, by total dollar proceeds. Bezos’s time as CEO of Amazon came to an end shortly after the half way mark for the year.
Mark Zuckerberg
In second place is Mark Zuckerberg, who has been significantly busier selling than the rest.
In the first half of 2021, he unloaded 7.1 million shares of Facebook onto the open market, worth $2.2 billion. What makes these transactions interesting is the sheer quantity of them, as he sold on 136 out of 180 days. On average, that’s $12 million worth of stock sold every day.
Zuckerberg’s record year of selling in 2018 resulted in over $5 billion worth of stock sold, but over 90% of his net worth still remains in the company.
Satya Nadella
Next is Satya Nadella, who sold 278,694 shares of Microsoft, worth $234 million. Despite this, the Microsoft CEO still holds an estimated 1.6 million shares, which is the largest of any insider.
Microsoft’s stock has been on a tear for a number of years now, and belongs to an elite trillion dollar club, which consists of only six public companies.
Sundar Pichai
Fourth on the list is Sundar Pichai who has been at the helm at Google for six years now. Since the start of 2021, he’s sold 27,000 shares through nine separate transactions, worth $62.5 million. However, Pichai still has an estimated 6,407 Class A and 114,861 Class C shares.
Google is closing in on a $2 trillion valuation and is the best performing Big Tech stock, with shares rising 60% year-to-date. Their market share growth from U.S. ad revenues is a large contributing factor.
Tim Cook
Last, is Tim Cook, who just surpassed a decade as Apple CEO.
During this time, shares have rallied over 1,000% and annual sales have gone from $100 billion to $347 billion. That said, Cook has sold 0 shares of Apple during the first half of 2021. That doesn’t mean he hasn’t sold shares elsewhere, though. Cook also sits on the board of directors for Nike, and has sold $6.9 million worth of shares this year.
Measuring Insider Selling
All things equal, it’s desirable for management to have skin in the game, and be invested alongside shareholders. It can also be seen as aligning long-term interests.
A good measure of insider selling activity is in relation to the existing stake in the company. For example, selling $6.6 billion worth of shares may sound like a lot, but when there are 51.7 million Amazon shares remaining for Jeff Bezos, it actually represents a small portion and is probably not cause for panic.
If, however, executives are disclosing large transactions relative to their total stakes, it might be worth digging deeper.
Technology
Ranked: Largest Semiconductor Foundry Companies by Revenue
Most of the 10 largest semiconductor foundries in the world, are headquartered in just three Asian countries, accounting for 90% of the entire industry’s revenue.

Ranked: Largest Semiconductor Foundry Companies by Revenue
They’re in our phones, cars, planes, and even fridges.
Semiconductor chips have become critical for the modern way of life, and the biggest semiconductor foundry companies rake in billions of dollars from widespread demand.
This chart shows the largest semiconductor foundry companies by their percentage of global revenues in Q1 2023, using data sourced from Trendforce.
Semiconductor Foundry Companies by Revenue
At the top of the list and dwarfing every other company by revenue share is TSMC which earned 60% (or nearly $17 billion) of the entire industry’s revenue in Q1 2023.
Founded in 1987, TSMC is a pure-play foundry that has become Taiwan’s largest company and manufactures products for a host of clients including Apple, NVIDIA, and AMD.
Rank | Company | Country | Revenue (Q1 2023, USD) |
---|---|---|---|
1 | TSMC | 🇹🇼 Taiwan | $16,735M |
2 | Samsung | 🇰🇷 South Korea | $3,446M |
3 | GlobalFoundries | 🇺🇸 US | $1,841M |
4 | UMC | 🇹🇼 Taiwan | $1,784M |
5 | SMIC | 🇨🇳 China | $1,462M |
6 | HuaHong Group | 🇨🇳 China | $845M |
7 | Tower Semiconductor | 🇮🇱 Israel | $356M |
8 | PSMC | 🇹🇼 Taiwan | $332M |
9 | VIS | 🇹🇼 Taiwan | $269M |
10 | DB Hitek | 🇰🇷 South Korea | $234M |
Other | $556M | ||
Global Total | $27,860M |
Note: Revenue based on the following conversion rates: USD 1 = WON 1,276; USD 1 = NTD 30.4.
Well behind TSMC in foundry revenues is integrated device manufacturer Samsung, the biggest company in South Korea, which made $3.4 billion (12.4% of the industry’s revenue) from its semiconductor manufacturing business.
GlobalFoundries from the U.S., UMC from Taiwan and SMIC from China round out the top five, with each taking home around 6% of industry’s revenue share in Q1 2023. The former spun out from AMD’s manufacturing arm when the company went fabless in 2009.
Industry concentration is apparent in semiconductors. For example, the top 10 semiconductor foundry companies account for 98% of the entire industry’s revenue. Furthermore, 90% of the market is dominated by companies in just three Asian countries: Taiwan, South Korea, and China.
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