Meta Platforms insiders offload $18.4mn as members of Congress buy

Insiders at Meta Platforms recorded $18.4mn of sales across 34 open-market transactions over the past 30 days, with no purchases. Two members of Congress made four purchases in the internet group over the same period.

Congressional filers showed net selling of $872,000 in technology shares within the S&P 500 across 120 trades. They bought $683,000 of technology shares and sold $1.6mn. Consumer staples recorded net sales of $609,000 across 42 trades, with $293,000 bought and $901,000 sold.

Financial shares saw the reverse pattern. Members bought $1.1mn and sold $475,000 across 47 trades in S&P 500 financial stocks, which produced $627,000 of net buying.

Filings disclosed on 5 November show Josh Gottheimer bought $1,001 to $15,000 of chip equipment maker Applied Materials on 26 October. Gottheimer also bought Benchmark Electronics and sold shares in Perusahaan Perseroan Persero PT Telekomunikasi Indonesia TBK, both in the range of $1,001 to $15,000. Benchmark Electronics shares have fallen 24 per cent since the trade, while Applied Materials shares have dropped 14 per cent.