This is a continuation of a known, mechanical selling pattern by the co-founder — not a new signal. Monitor for any change in cadence or a Form 4 filing that deviates from the 46,875-share block size, which would indicate a change in plan. No immediate trading action warranted.
Price Chart
Executive Summary
Co-founder and board member Benjamin Silbermann filed a Form 144 on August 12, 2026, indicating intent to sell 46,875 shares of Class A Common Stock, valued at approximately $1.09 million. This is part of a consistent, pre-planned selling pattern — Silbermann has sold identical 46,875-share blocks roughly every 6-8 business days since late May 2026, totaling over 600,000 shares in the period. The filing is routine for a co-founder executing a 10b5-1 plan and carries no new negative signal beyond the ongoing distribution.
Key Facts
- Co-founder Benjamin Silbermann filed Form 144 to sell 46,875 shares of Class A Common Stock.
- Estimated proceeds from the proposed sale: ~$1,088,817 based on filing date price.
- Silbermann has been selling identical 46,875-share blocks every ~6-8 business days since late May 2026, indicating a pre-arranged trading plan.
- Prior sales in the same pattern from May 21 through August 11, 2026, total over 600,000 shares.
- Silbermann is listed as a Director and 10% Stockholder; shares were acquired on April 18, 2019 as Founders Shares.
Financial Impact
Proposed sale of 46,875 shares at ~$1.09M; part of a systematic plan that has sold >600K shares since late May 2026.
Risk Factors
- Continued insider selling, even under a plan, can weigh on sentiment over time.
- If the selling pattern accelerates or the plan is disclosed as ending, it could signal a change in the founder's outlook.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 144 Filing (Primary) | 0001921094-26-000837 |
| Document: 0001921094-26-000837-index.html | 0001921094-26-000837 |
| Document: 0001921094-26-000837.txt | 0001921094-26-000837 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | Insider Cluster | $22.88 $18.88 | ▼ −17.48% | ▼ −17.38% | $19.23 (−15.95%) |
Aug 20, 2026 6w ago | Insider Cluster | $23.23 $18.60 | ▼ −19.93% | ▼ −19.93% | $19.23 (−17.22%) |
Aug 20, 2026 6w ago | Insider Cluster | $23.23 $18.31 | ▲ +21.18% | ▲ +21.18% | $19.23 (+17.22%) |
Aug 12, 2026 7w ago | Insider Cluster | $23.32 $19.05 | ▲ +18.31% | ▲ +16.56% | $19.23 (+17.54%) |
Aug 12, 2026 7w ago | 144 | $23.32 $19.05 | ▼ −18.31% | ▼ −16.56% | $19.23 (−17.54%) |
Aug 7, 2026 8w ago | 8-K | $23.68 $20.40 | ▼ −13.85% | ▼ −13.45% | $19.23 (−18.79%) |
Aug 4, 2026 8w ago | 8-K | $23.36 $21.22 | ▼ −9.16% | ▼ −8.56% | $19.23 (−17.68%) |
Jul 24, 2026 10w ago | Institutional Cluster | $22.13 $23.40 | ▲ +5.74% | ▲ +2.11% | $19.23 (−13.10%) |
Jul 15, 2026 11w ago | Insider Cluster | $23.09 $23.32 | ▲ +1.00% | ▼ −2.62% | $19.23 (−16.72%) |
Jul 15, 2026 11w ago | Insider Cluster | $23.09 $23.32 | ▲ +1.00% | ▼ −2.62% | $19.23 (−16.72%) |
US Market Status
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