- Several chief executives have disclosed multimillion-dollar stock sales this month, with many transactions conducted under previously established trading plans.
September has produced a number of notable CEO stock sales across US-listed companies. The transactions range from roughly $1 million to more than $100 million, although the filings show that several of the larger sales were made under Rule 10b5-1 trading plans established before the transactions took place.
Among the largest disclosed transactions this month is Kanzhun Ltd. (NASDAQ: BZ) CEO Jonathan Zhao's sale of 15.17 million shares on Sept. 21 for approximately $110 million. Zhao remains a major shareholder following the transaction, with more than 110.9 million shares reported afterward.
SanDisk Corp. (NASDAQ: SNDK) Chairman and CEO David Goeckeler also reported a sizable transaction. Goeckeler sold 33,841 shares for approximately $53.27 million on Sept. 17, with the filing indicating the transaction was made under a Rule 10b5-1 plan.
At Twist Bioscience Corp. (NASDAQ: TWST), CEO Emily Leproust sold 356,546 shares for approximately $56.33 million on Sept. 17. The transaction was also identified as being conducted under a Rule 10b5-1 plan.
Robinhood, BioNTech and Other US CEOs Have Also Sold Shares
Robinhood Markets Inc. (NASDAQ: HOOD) CEO Vladimir Tenev reported the sale of roughly 259,166 shares on Sept. 21, with the transactions totaling approximately $32.6 million based on the reported weighted-average prices. The transaction followed a conversion of Class B shares into Class A shares and was conducted under a 10b5-1 plan adopted in September 2025.
BioNTech SE (NASDAQ: BNTX) CEO Ugur Sahin also reported sales during September. Filings covering Sept. 21-22 show roughly 79,000 shares sold for about $7.8 million, while Sahin continued to hold more than 39 million shares indirectly afterward. The transactions were made under a Rule 10b5-1 plan.
Other CEO sales reported this month include Travere Therapeutics Inc. (NASDAQ: TVTX) CEO Eric Dube, who sold approximately $7 million of stock on Sept. 17, and Eos Energy Enterprises Inc. (NASDAQ: EOSE) CEO Joe Mastrangelo, who sold roughly $980,000 on Sept. 16.
Anterix Inc. (NASDAQ: ATEX) CEO Scott Lang sold 15,000 shares at $80 each on Sept. 21, worth about $1.2 million. The filing identified the sale as being made under a Rule 10b5-1 plan.
Cadence Design Systems Inc. (NASDAQ: CDNS) President and CEO Anirudh Devgan had 3,779 shares worth about $1.06 million withheld on Sept. 17 to satisfy tax obligations arising from the vesting of restricted stock units. The shares were valued at $280.76 each, and Devgan directly held 247,201 Cadence shares after the transaction. The filing shows the disposition was for tax withholding rather than an open-market stock sale.
The September transactions highlight why the details behind insider sales matter. A Form 4 sale does not by itself establish that a CEO is bearish on the company's stock. Preset trading plans, tax obligations, option exercises, and portfolio diversification can all affect the timing and structure of executive transactions.
Nike CEO Elliott Hill's Sept. 1 share disposition, for example, involved shares withheld to cover taxes following the vesting of restricted stock units rather than an open-market sale.