Form 4: Zillow CEO Jeremy Wacksman Sells Shares to Cover Tax Obligations

Zillow Group CEO Jeremy Wacksman sold Class C Capital Stock in multiple transactions to cover tax withholding obligations related to vesting restricted stock units.

Summary

• On May 14, 2025, Jeremy Wacksman, CEO of Zillow Group, sold 6,918 shares of Class C Capital Stock at a weighted average price of $68.6059.
• An additional 500 shares were sold on the same day at a weighted average price of $69.39.
• On May 16, 2025, Wacksman sold 10,878 shares at a weighted average price of $68.9784.
• Finally, on May 16, 2025, 106 shares were sold at a weighted average price of $69.4749.
• These sales were executed to cover tax withholding obligations upon the vesting of restricted stock units.
• The sales on May 16, 2025, were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on February 13, 2025.
• Following these transactions, Wacksman directly owns 171,517 shares of Class C Capital Stock.

Sentiment

Score: 6

Explanation: The document itself is neutral, simply reporting stock sales. The sales are for tax purposes, which is a normal occurrence. However, any executive stock sale can create slight uncertainty, hence a score of 6.

Positives

• The sales were conducted, in part, under a pre-arranged Rule 10b5-1 trading plan, which can be viewed positively as it demonstrates transparency and avoids accusations of insider trading.

Risks

• While the sales are attributed to tax obligations, large sales by executives can sometimes be perceived negatively by investors, potentially impacting stock price, although this is a common practice.

Future Outlook

The document does not contain any specific forward-looking statements about the company's future performance.

Industry Context

Executive stock sales are a common occurrence in publicly traded companies, often related to compensation and tax planning. The use of a 10b5-1 plan is a standard practice to mitigate concerns about insider trading.

Comparison to Industry Standards

• Executive stock sales for tax purposes are a common practice across the industry.
• Companies like Redfin and Opendoor also see similar transactions from their executives.
• The use of Rule 10b5-1 trading plans is a standard practice among executives at publicly traded companies to schedule stock sales and avoid insider trading concerns.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders due to the potential for slight price fluctuations, but the overall impact is expected to be minimal.

Key Dates

Keywords

Zillow Group, Jeremy Wacksman, Class C Capital Stock, SEC Form 4, Stock Sale, Rule 10b5-1, Tax Withholding, Insider Trading