CEOs and insiders at major companies have sold off more than $69 billion in shares so far in 2021.
Stock sales by executives and insiders are up 30% year-over-year, CNBC reported, with tech figureheads like Mark Zuckerberg, Jeff Bezos and Elon Musk making up the majority of the sales. Musk and Bezos have cashed out on nearly $10 billion each in shares of their companies, while Satya Nadella sold half of his shares in Microsoft on Monday, valued around $285 million.
The sales come as stock prices for these companies skyrocket. Tesla stock has jumped in recent months, reaching a peak of nearly $1,230 in early November. Microsoft, Meta and Amazon have also seen steady increases and high peaks in 2021.
Executives also benefit from cashing out by avoiding impending tax hikes. Starting in the new year, Washington state will impose a 7% tax on capital gains over $250,000; Nadella and Bezos will save millions by selling shares now.