S&P 500 insiders sold $33.3 billion of stock in the past year. Here's who sold the most.

The 25 biggest sellers

Ranked by the dollar value of shares sold, using the prices reported on each filing. "Share of stake" is shown only where every holding reconciles line by line with the filings; see how we measure it.

Where "under a plan" and "no plan disclosed" add to less than 100%, the rest covered taxes on vesting stock. † Measured against shares held at the start plus shares received during the year, because the person also exercised options or received shares and sold them.

A few things stand out:

• Founders dominate the list. Most of the top 25 are founders or early backers who still own large stakes: Samueli at Broadcom, Ullal and Bechtolsheim at Arista, Gebbia and Blecharczyk at Airbnb, Duffield at Workday, Hastings at Netflix. Where we can measure it, the sales were small next to what they hold: Bezos sold about 0.1% of his starting stake, Bechtolsheim 1.8% and Blecharczyk 3.5%.
• Two people sold a large share of their holdings. Robert Goldstein at Las Vegas Sands sold 86% of the shares he held or received during the year, and Lisa Su at AMD sold 16% of her starting stake.
• Seven of the 25 disclosed no trading plan for most or all of their sales: Stevens, Stryker, Hess, Goldstein, Lauder, Rales, and Bhatt for just over half of his.

The companies with the most insider selling

The top 15 companies account for $13.1 billion, 39% of all insider selling in the index. Technology dominates: 10 of the 15 are in S&P's information technology sector.

The largest sales with no plan disclosed

A trading plan (known as a 10b5-1 plan) is set up in advance and schedules sales on fixed dates or prices. When a filing discloses no plan, it rarely says how the timing was set or why. That is a fact about the filing, not a sign of anything improper.

Each row combines all of that person's sales on one day. Stevens alone sold $1.50 billion with no plan disclosed, about 11% of the $13.5 billion of unplanned selling across the whole index.

Where insiders bought

Insider buying is much rarer than selling, which is why it tends to get attention when it happens. An executive buying shares in the open market is putting in their own money, at the market price.

Norwegian Cruise Line stands out for breadth: 13 different officers and directors bought shares during the year, more than at any other company in the index.