The insider liquidation across [KLAC, ANET, CRWD](https://www.sec.gov/Archives/edgar/data/319201/000119312526346811/xslF345X06/ownership.xml) hit $600M+ in 72 hours. KLAC's CEO and President dumped | implausible insider figure, original data unavailable] | implausible insider figure, original data unavailable] | implausible insider figure, original data unavailable] | implausible insider figure, original data unavailable] | implausible insider figure, original data unavailable] in holdings alone. But here's what everyone gets wrong: these aren't distress sales. They're liquidity events. When a 10% owner like Bechtolsheim at ANET sells $391M of stock methodically over days, that's not panic—that's *I don't need this money in the business anymore*.

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