- Several top billionaires sold billions in stock during the first quarter of 2025, before Trump's April tariff announcement caused markets to crash
- Meta CEO Mark Zuckerberg sold 1.1 million shares worth $733.5 million in January and February
- Oracle CEO Safra Catz sold 3.8 million shares worth $705 million in Q1
- JPMorgan CEO Jamie Dimon sold over 860,000 shares worth $233.8 million and later warned a recession is a "likely outcome" of Trump's trade policies
- The top 10 insider sellers sold more than 28 million shares worth a combined $3.9 billion during Q1 2025
The Market Plunge After Trump's Tariff Announcement
The stock market took a big hit when President Trump said he would raise tariffs on April 2, 2025. Many people lost money in their stock accounts. The tariffs were going to make goods from other countries more expensive.
Trump has since changed his mind on some of these tariffs, but the damage was done. Markets still haven't fully recovered, and many investors are still feeling the pain. The uncertainty about what might happen next has kept stocks jumpy.
Some of America's richest business people also lost money when the market dropped. But data shows that a few of them sold lots of stock before the big drop happened. Was this just good luck or something else?
The market's reaction to Trump's tariff announcement caught many investors by surprise. While the average investor was caught in the storm, some billionaires had already moved to safer ground.
The Billionaires Who Sold Before the Crash
According to data from The Washington Service, which keeps track of stock buying and selling by company insiders, the top 10 insider sellers sold more than 28 million shares of their companies in the first three months of 2025. These shares were worth about $3.9 billion.
This all happened before Trump's April 2 announcement about tariffs that sent the market into a tailspin. There's no sign these sales were meant to avoid the tariff news specifically - corporate execs often sell stock on a schedule - but the timing meant they lost less money than if they'd waited.
The biggest sellers based on value were:
- Mark Zuckerberg (Meta)
- Safra Catz (Oracle)
- Arora Nikesh (Palo Alto Networks)
- Max de Groen (Nutanix)
- Charles Davis (Axis Capital Holdings)
- Stephen Cohen (Palantir)
- Jamie Dimon (JPMorgan)
- Eric Lefkofsky (Tempus AI)
- Ted Sarandos (Netflix)
- Travis Boersma (Dutch Bros)
Trump's call that the Sumy missile strike was a mistake and his warnings about economic fallout came after these stock sales were already completed.
Mark Zuckerberg's Well-Timed Stock Sales
Meta CEO Mark Zuckerberg sold 1.1 million shares worth nearly $733.5 million during January and February 2025. The sales happened when Meta stock was trading above $600 per share. By late April, Meta shares had dropped to around $530, down 11% since the start of the year.
Even with these sales, Zuckerberg still owns more than 342 million shares of Meta, about 13% of the company. His net worth has fallen by nearly $30 billion since the start of 2025, according to the Bloomberg Billionaires Index.
What makes this interesting is that Zuckerberg had been working to build a better relationship with Trump. He donated to and went to Trump's inauguration. Meta also agreed to pay $25 million to settle a lawsuit Trump brought against the company for suspending his account after the January 6, 2021 Capitol attack. Of that money, $22 million will help fund a future Trump presidential library.
These efforts to cozy up to Trump didn't protect Zuckerberg's wealth when the tariff announcement hit. Mark Zuckerberg's FTC trial testimony came amid these financial challenges.
Oracle CEO Safra Catz's Stock Moves
Oracle CEO Safra Catz sold 3.8 million shares worth $705 million in the first quarter of 2025. After Trump's tariff announcement, Oracle's stock was down nearly 19% since the start of the year.
The tech sector was hit especially hard by the tariff news, as many companies rely on global supply chains that would be disrupted by higher import costs. Google's Gemini 2.5 Flash and other AI products faced challenges in this environment.
Oracle has worked to position itself as a leader in cloud services and enterprise software, but investor concerns about the impact of tariffs on tech spending hurt the stock price regardless of Catz's sales.
Jamie Dimon and Other Major Sellers
JPMorgan CEO Jamie Dimon sold more than 860,000 shares worth $233.8 million in the first quarter. After the tariff announcement, Dimon publicly warned that a recession is a "likely outcome" of Trump's trade policies.
As the head of one of America's largest banks, Dimon's views on the economy carry significant weight. His warning about recession suggests he sees real risks from the tariff policy.
Fed Chair Powell issued his strongest warning yet about the economic impact of these policies, echoing Dimon's concerns.
Other major sellers included Stephen Cohen of Palantir, who sold a significant amount of stock before the company faced challenges related to the cyber insurance crisis from AI attacks.
Netflix Co-CEO Ted Sarandos also sold shares before Microsoft's new AI agents announcement, which impacted the streaming market.
Was This Insider Trading or Standard Practice?
It's important to note that there's no sign these sales were done with advance knowledge of Trump's tariff plans. Corporate executives usually sell stock on set schedules to avoid being accused of insider trading.
The timing of these sales before the market drop was likely coincidental. But it shows how the ultra-wealthy manage their investments differently than regular folks. They often have:
- Regular selling schedules to diversify their wealth
- Teams of financial advisors watching market trends
- More flexibility to move money around quickly
While the average investor may have been caught off guard by Trump's announcement, these billionaires had already reduced some of their exposure to the market downturn.
How Swirl is making a case for expert insights might offer lessons for investors looking to better protect themselves from market shocks.
Economic Impact of Trump's Tariff Policies
The stock market drop after Trump's tariff announcement showed how sensitive markets are to trade policy. The tariffs were meant to protect American jobs and industries, but they also raised costs for many businesses and consumers.
The tariffs hit tech companies especially hard. Nvidia took a $55 billion hit from the US market concerns related to tariffs. The company, which makes chips used in AI systems, depends on global supply chains that would be affected by higher tariffs.
Trump's policies have also affected international relations. Paris peace talks and other diplomatic efforts have been complicated by trade tensions.
Some economists worry that higher tariffs could:
- Increase prices for consumers
- Disrupt global supply chains
- Trigger retaliatory tariffs from other countries
- Slow economic growth
While tariffs might help some American industries, they can hurt others that rely on imported materials or components.
How low-cost tech has been impacted by Trump's tariffs shows the complex effects of these policies on different sectors of the economy.
The Global Response to Trump's Trade Policies
Countries around the world have responded to Trump's tariff threats with concern. China's reaction to Trump's trade war olive branch has been marked by derision and mistrust.
Some states within the US have also pushed back. Twelve states sued the Trump administration over what they called "tax hikes" through tariffs. These legal challenges add to the uncertainty in markets.
While Trump's focus has been on reshoring manufacturing jobs, global markets are deeply interconnected. Changes in US trade policy ripple through the world economy.
Africa's leaders making the Time 100 list shows how important international cooperation remains, even as trade tensions rise.
FAQs About Trump's Tariffs and Market Impact
Q: Did billionaires engage in insider trading by selling before Trump's tariff announcement?
A: There's no evidence of insider trading. Corporate executives typically sell shares on predetermined schedules to avoid accusations of using inside information.
Q: How much did the stock market fall after Trump's tariff announcement?
A: The market experienced a significant drop immediately following the April 2nd announcement, with many major indices falling several percentage points in a short period.
Q: Has Trump changed his position on tariffs since the April announcement?
A: Yes, Trump has walked back some of his tariff plans, but the uncertainty continues to affect markets.
Q: Which industries were most affected by the tariff announcement?
A: Technology companies with global supply chains were hit particularly hard, as were companies that rely heavily on imported goods.
Q: Could Trump's tariffs lead to a recession?
A: JPMorgan CEO Jamie Dimon has warned that a recession is a "likely outcome" of these trade policies, and other economic experts have expressed similar concerns.
Q: How have other countries responded to Trump's tariff threats?
A: Many countries have expressed concern and some have threatened retaliatory tariffs, which could further disrupt global trade.
Q: What can average investors learn from how billionaires managed their portfolios?
A: Diversification and regular portfolio rebalancing are strategies that can help protect against market volatility, though few investors have the resources or flexibility of billionaires.
Q: Are there any potential benefits to Trump's tariff policies?
A: Some domestic manufacturers could benefit from reduced foreign competition, but these gains need to be weighed against higher costs for consumers and disruptions to global supply chains.