Zuckerberg, Dimon Are Among Top Sellers Ahead of Tariff Stock Rout
Insiders including Meta Platforms Inc.'s Mark Zuckerberg, Oracle Corp.'s Safra Catz and JPMorgan Chase & Co.'s Jamie Dimon cashed out shares worth billions of dollars before President Donald Trump's tariff announcements roiled markets.
Zuckerberg sold 1.1 million shares worth $733 million in the first quarter through his Chan Zuckerberg Initiative and its related foundation, according to an analysis by the Washington Service, which tracks insider buying and selling. All of the sales were in January and February when Meta's stock was still trading above $600, hitting a peak of more than $736 on Valentine's Day. The social-media company's share price has since slid by 32% amid the broader market selloff.
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Forbes
an hour ago
- Forbes
New York To UHNW Yellowstone Club Private Flights Up In The Air
Private shuttle flights for members and their guests of Montana's ultra-high-net-worth playground Yellowstone Club may be in jeopardy for the upcoming season. Forbes reports Mark Zuckerberg, Melinda French Gates, Eric Schmidt, Robert Kraft, Tom Brady and Bill Ackman are among its 900 homeowners who are worth a combined $290 billion. Its 2,900 acres include both a private golf course and ski mountain. Current listings for homes spanning over 8,000-square feet are all price on request. Mark Zuckerberg is reportedly a member of Montana's Yellowstone Club. Flights for members who don't ... More own their jets between New York's Westchester County Airport and Bozeman, Montana, are up in the air after the club cancelled a contract for next season flights when the suburban New York airport restricted flight timings during the past season, according to a lawsuit filed by Private Jet Services Group against Westchester County, which operates the airport. (Photo by) (Photo by) According to a lawsuit filed today in the Southern District of New York, Yellowstone Club cancelled a contract with the broker that arranged the flights after officials at Westchester County Airport north of New York City denied landing permits for requested dates during the 2024-2025 season. The airport ranked as fourth-busiest in the U.S. for private jet flights last year. The flights for club members use FBOs so club members and their families can avoid crowded terminals, long lines, and packed airplanes without shelling out the $50,000 or more it costs to charter a private jet during peak travel periods. They are also popular for shuttling family members, visiting friends and nannies. The charter broker, Miami, Florida-based Private Jet Services Group, states in the lawsuit against Westchester County, which operates the airport, that the denial of landing approvals cost it at least $4.8 million after the Yellowstone Club terminated its contract covering the next four years. According to an emailed statement from Elevate Aviation Group, parent of Private Jet Services Group, also known as PJS, 'The suit alleges unlawful and discriminatory denial of access to (Westchester County Airport) for Boeing 757-200 charter flights operated on behalf of PJS, while allowing Delta Air Lines charter flights for MSG Sports, including the National Basketball Association's New York Knicks and National Hockey League's New York Rangers, on nearly identical Boeing 757-200 aircraft during the same time period as flights for PJS were denied.' The statement continues that PJS was 'denied access despite meeting all operational safety standards and following established procedures that had historically resulted in approvals. The suit claims that (airport) officials implemented ad hoc restrictions without public notice or justification, including an undocumented policy that selectively limited the number of Boeing 757-200 aircraft permitted on the ground per day. Records indicate, however, that (the airport) allowed Delta Air Lines to operate multiple flights on the Boeing 757-200s on the same dates that PJS flights were denied—suggesting that the restrictions were not equally enforced.' Delta Air Lines and Yellowstone Club are not parties to the litigation. A spokesperson for the airport says, 'We received the complaint and are in the process of reviewing it. That being said, we do not believe the county or the airport have acted in any unlawful manner.' Yellowstone Club did not respond to a request for comments. Private Jet Services Group had contracted with Northern Pacific Airlines to provide the flights. The airline has 757s configured with just 78 seats compared to more than 200 in a typical configuration. According to its website, the aircraft features 48 sleeper seats with up to 53 inches of legroom between rows, 20 more first-class-style seats with up to 50 inches of pitch, and 10 additional seats positioned around three tables. An executive with knowlege of charters on VIP-configured aircraft says there are only a limited number of U.S.-registered charter jets that have the range to fly the route nonstop in the desired configuration and capacity. The lawsuit alleges, 'In August 2024, PJS representatives visited HPN (the code for Westchester County Airport) to view the operational flow and requirements needed for the B757-200 at the designated pad at HPN, operated by Atlantic Aviation.' It continues, 'Following this visit and validation of safe, secure, and capable operations for the aircraft and the needs of the (Yellowstone Club) member-passengers, (Northern Pacific Airlines) approached HPN officials, via email, to ensure support and alignment for the continuation of Yellowstone Club charters at HPN.' PJS then alleges, 'On August 29, 2024, (Airport Executive Director April) Gasparri responded via email indicating that following a phone call with HPN's FBO, Atlantic Aviation, HPN found the charters to be 'acceptable under our operating parameters,' but only if the charters were on other narrow-body aircraft types such as the B737-800 or A320. Permission for use of the B757 was implicitly denied.' However, the lawsuit alleges Gasparri later reversed course. According to the filing, PJS and Northern Pacific discovered Delta Air Lines had operated 35 Boeing 757-200 charter flights for the New York Knicks and New York Rangers at Westchester County Airport in 2024. After Northern Pacific emailed Gasparri in early December 2024 claiming 'discriminatory behavior of HPN and requesting that it revisit its denial,' Gasparri approved the use of the B757-200s for some dates but not January 5, January 6, March 16, and March 17, 2025. The lawsuit claims the dates were denied based on what the airport said was 'operational policy of no more than one B757-200 on the ground at any given time.' PJS states that it was never provided with any written documentation outlining the policy or when it was implemented. However, PJS Group alleges that Delta landed two 757-200 flights on January 5, 2025, a date on which the Yellowstone Club flights were not approved. One of the Yellowstone charter flights had to be diverted to LaGuardia Airport in Queens County, approximately 30 miles and an hour or so south of Westchester County Airport. The lawsuit claims Westchester County Airport's actions were 'arbitrary and discriminatory.' According to the filing, 'As a direct result of the defendant's actions, (Yellowstone Club) cancelled the remaining four years of its contract with plaintiffs, resulting in a loss of at least $4.8 million in revenue.' In its written statement, Elevate Aviation Group said, 'The lawsuit highlights broader concerns about transparency, fairness, and equitable access at a publicly funded airport. PJS is seeking declaratory and injunctive relief to prevent further arbitrary and discriminatory treatment and to restore fair access to the airport. PJS hopes the lawsuit can shed light on the fact that HPN has created undocumented policies that favor some operators over others, in violation of federal regulations.'
Bloomberg
5 hours ago
- Bloomberg
Ken Moelis Plans to Step Down as CEO of His Investment Bank
Ken Moelis, who became one of the most recognizable dealmakers on Wall Street in his four-decade career, will step down as CEO of his boutique investment bank effective Oct. 1. The 66-year-old banker will take on the role of executive chairman at Moelis & Co., the company said in a statement Monday. Co-President Navid Mahmoodzadegan will become chief executive officer and join the bank's board.
Yahoo
7 hours ago
- Yahoo
JPMorgan opens fintech accelerator program in UK
JPMorganChase is accepting applications for a new fintech accelerator program for startup founders in the U.K. The Fintech Forward accelerator, developed by JPMorganChase and U.K.-based consulting firm EY, is a 12-week in-person and virtual program for founders applying technology to create scalable solutions within financial services. Applications for the accelerator opened May 26 and will close on June 27. The program will run from September to November of 2025. Successful applicants receive access to mentorship from bank executives, a two-day offsite at JPMorganChase's technology center in Glasgow and opportunities to showcase their business to potential investors and commercial partners. The accelerator is targeting U.K. fintech candidates with a "live product demonstrating market traction" and annual revenues not exceeding £1 million, according to the program's website. "At JPMorgan Payments, our north star is to improve the payments ecosystem and transform the movement of information, money, and assets," said Veronique Steiner, head of EMEA innovation economy at JPMorgan Payments. "We're actively encouraging applications from founders or business leaders who are overcoming obstacles to growing a business, including a lack of proximity to funding and networks, and are addressing the needs of underserved consumers, businesses or communities."A research report published by EY on Monday said that the U.K. "continues to be Europe's most attractive destination for foreign direct investment into financial services, despite a drop in the number of projects across the region." The U.K. financial services sector "continues to capture global investor confidence, particularly as they navigate challenging market conditions," said Martina Keane, EY's managing partner for the U.K. and Ireland. Future success rests on factors such as growing the attractiveness of the U.K.'s financial services sector on the global stage, Keane said. "To do this, we must build on our inherent strengths and prioritize progressive regulation, innovation and the continued establishment of key international trade relationships," she said. The office of the Lord Mayor of London has also highlighted the need for funding and support for U.K. fintech startups. "The U.K. is the third most attractive destination for investing in AI and tech in the world after the U.S. and China, specifically as a home for startups," Jason Esi, internal communications officer for the City of London Corporation, told American Banker in a previous interview. "When startups scale up in the U.K., what has happened is that when they need money, they tend to move to the U.S. to get that funding." Lord Mayor Alastair King expressed similar sentiments about the need for fintech startup funding in the U.K. "We must start funding our own fintechs," King told American Banker. "We have some startup businesses that are well-financed because angels are investing, but we're really bad at giving scale-up capital. Far too many really good, innovative British businesses in fintech are having to go off to America to get the funding they need. Therefore, we're using my official residence, the Mansion House, to bring good U.K.-based fintech businesses in front of U.K.-based investors." Sign in to access your portfolio
