SCHW CEO's $156M bet and a 52-hour sell wave: whale moves May 28–30

Over the past two and a half days — Thursday through Saturday morning — the filing queue delivered a notably wide gap between buyers and sellers — with the confirmed buy total ($283.5M COR + $155.8M SCHW) against a backdrop of estimated sell volumes running well into the billions. On the sell side, a parade of founder-owners, family trusts, and directors at post-rally tech and consumer names disclosed massive estimated liquidations; on the buy side, two large-cap insiders made some of the cleanest confirmed bets of the week. The INFQ director sell cluster extended with another confirmed $1.03B batch; NVTS added a new semi-sell cluster; and three special situations (HUBC, BHR, NNDM) each moved one step forward.

Data note: Several of the largest dollar figures in this window — SNOW, CRWV, ABNB, WMT, BROS — are sourced from a single aggregator (insider-monitor.com) and have not been cross-verified against SEC EDGAR XML filings. Directional reads (post-rally insiders selling) are consistent; precise share counts and dollar amounts should be treated as estimates until a first-party source is confirmed. Confirmed transactions are noted explicitly below.

The cleanest signals in this window came from the buy side.

Charles Schwab (SCHW) CEO Richard Wurster purchased 1,849,518 shares at $84.23 on May 28, for a confirmed total of $155.8M. 1 This is an open-market purchase — not a stock grant, not a plan transaction. A CEO spending $156M of personal capital in a single session at an open-market price sends a clear internal-confidence signal, whatever one makes of Schwab's macro environment. The stock trades around $84; the buy was disclosed the same day it was executed.

Cencora (COR) — the pharmaceutical distribution giant formerly known as AmerisourceBergen, which serves drug manufacturers, specialty pharmacies, and health systems — had Director Dermot Mark Durcan purchase 1,065,040 shares at $266.26 on May 28, totaling a confirmed $283.5M. 1 This is the largest single insider purchase in the window by confirmed dollar value. Durcan's buy at $266 on a stock that distributes essential medicines positions it closer to conviction-on-fundamentals than macro trading.

Both buys stand out because they are large, discretionary, and at current market prices — not discounted option exercises.

Two days after the INFQ three-insider cluster reached $381M (covered May 28), two of those same directors filed another round on May 29.

Director David B. Singer sold 30,444,780 shares at $16.94 for ~$515.7M, and Director Lee S. Ainslie III sold an identical 30,444,780 shares at $16.94 for another ~$515.7M — a combined May 29 batch of ~$1.03B. 2 This follows their earlier disclosed sales in May 21–22 (Singer ~$1.3B+, Ainslie ~$1.2B+ in prior batches) and the May 28 cluster covered yesterday.

The pattern: both directors are selling in matching-size tranches at nearly identical prices across multiple filing dates. Infleqtion (INFQ — the quantum computing company that went public in late 2025) has seen sustained insider liquidation at the director level for over a week. The synchronized tranche sizes across multiple batches are consistent with a coordinated exit plan, though no 10b5-1 plan status is confirmed in this data source. 2

The window's largest nominal figures all carry the unverified caveat. The directional read — post-rally insiders selling — is consistent across all five names.

The data reliability caveat bears repeating: share counts at this magnitude — 93 million SNOW shares, 68 million CRWV shares, 84 million BROS shares — are not typical for single Form 4 transactions. These figures may reflect aggregated data, derivative-linked transactions, or reporting errors in the aggregator. Until SEC EDGAR XML filings are individually pulled, treat dollar amounts as directional context only.

What's less ambiguous: insiders at each of these names are selling. The CRWV executive cluster extends a pattern running since April 28. The WMT and BROS figures, if even partially accurate, represent some of the largest family-trust liquidations of the year. 2

NVTS adds to the semiconductor sell cluster. Navitas Semiconductor (NVTS — gallium nitride power semiconductors, a sub-segment of the AI infrastructure power supply chain) saw four insiders file on May 27–28: Ranbir Singh sold an estimated ~$548M across two days, Wunderlich ~$85.6M, Hendrix ~$91M, and CEO Allexandre ~$13.5M — a four-person cluster totaling an estimated ~$724M+. 2 Singh's sales are the dominant line item here; confidence on the CEO and VP-level transactions is higher than on the Singh total. NVTS extends the pattern of semi-related insiders selling into the AI infrastructure rally.

This is distinct from the VICR VP sale covered in the May 28 article. On May 28, Vicor Corp (VICR) Chairman and CEO Patrizio Vinciarelli sold 20,000 shares at $340.80 for a confirmed $6,815,960 — a non-10b5-1 discretionary transaction filed at 14:44 UTC. 3 Vicor makes power conversion modules used in AI server racks; its stock has risen sharply in the current AI capex cycle. A CEO-level discretionary sale (vs. the VP sale in the prior window) adds a higher-authority data point to the ongoing VICR insider activity.

Flutter Entertainment (FLUT — online gaming and sports betting, operating FanDuel and other platforms in the US and internationally) had at least eight directors and related persons file Form 4 sales on the same day at approximately $94/share. 4 Names confirmed in the filing queue include Bennett, Koeppel, Cruickshank, Bryant, Dubuc, Hurley, Bomhard, Lennon, and McCarthy. Share-count totals per individual are pending EDGAR XML confirmation, so total dollar value is not presented here. Eight-plus directors filing on the same day is a cluster signal regardless of amount — likely tied to a coordinated grant-vesting window or board-level liquidity event.

TXO Partners (TXO) — an oil and gas royalty partnership — Director Bob R. Simpson bought 866,076 shares at $13.20 on May 27 for a confirmed $11.43M, his eighth consecutive purchase since May 21. 1 The prior seven buys (May 21–26) accumulated ~$11.4M; this single eighth buy nearly doubles the running total to approximately ~$22.8M. Simpson's position-building cadence is accelerating: the May 27 transaction is larger than any single buy in the preceding seven-day streak. Eight consecutive buys over eight trading days from the same insider is a denser-than-typical open-market accumulation pattern; by comparison, the prior May 28 article noted the streak had reached six buys over five days.

HUBC — Wang 13G/A, still no 13D from Walden. On May 28, investor Wang Andre filed SCHEDULE 13G/A (Amendment No. 1), confirming he holds 200,000 shares (15.6%) of HUB Cyber Security Ltd (HUBC) under Rule 13d-1(c) passive investor status, with Item 10 certification signed. 5 Wang's prior 13G reported 100,000 shares — the amendment doubles his disclosed stake. The watch item remains Walden, who filed a 13G on May 27 with Item 10 listed as N/A (a flag that can indicate the filer does not qualify for passive-investor status). As of May 30, Walden has not converted to a Schedule 13D, and no ninth 13G filer has appeared. HUBC's most recent company-level filing remains the May 21 Nasdaq deficiency notice (20-F late filing); no new 8-K or 6-K in this window. The compliance deadline is July 17. 6

BHR — Board officially reshuffled via 8-K. Braemar Hotels & Resorts (BHR) filed an 8-K on May 28 formally disclosing that on May 21, directors Stefani Danielle Carter and Rebecca Musser resigned (neither cited disagreement with company operations), and Ashford Inc. COO Eric Batis was appointed to the board with no committee assignment and no additional compensation. 7 This confirms the board reconstitution that activist investor Al Shams (Wafic Said) — who holds approximately 9.55% and filed a competing proxy card on May 22 — has been pushing against. No DEF 14A (formal proxy statement) has been filed as of May 30. No annual meeting date has been set. Al Shams has not filed any new proxy materials in this window. The standoff continues without a resolution timeline.

NNDM — Four new insiders file Form 3 on May 29. Nano Dimension (NNDM) received four simultaneous Form 3 initial ownership statements on May 29 from: Phillip Borenstein, Robert M. Pons, David Stehlin, and John Brenton. 8 Four insiders joining the company's reporting roster on the same day — each also filing a Form 4 — indicates a management or board-level change. The timing aligns with Nano Dimension's May 27 announcement that it sold MarkForged to Stratasys for $42.5M. Individual transaction details (type, share counts, prices) from those Form 4s have not been independently verified in this window.

Stryker (SYK) — the medical device company — VP and Chief Legal Officer Robert S. Fletcher sold 1,395,576 shares at $307.12 on May 28 for a confirmed ~$428.6M. 2 At the director level, Ronda E. Stryker reported a May 26 sale with a multi-billion estimate attached — that figure is in the same single-source unverified category as the SNOW/CRWV data above and is excluded from the confirmed column.