Speiser Michael L has filed 206 Form 4 transactions across two companies, and every one of them is a sale. The total sell value is $181.5 million, with zero open-market purchases and zero acquisitions of any kind. The recent activity is concentrated entirely in Snowflake (SNOW), where Speiser filed 25 sales between July and October 2026.
The pattern is consistent and mechanical. On October 2, 2026, Speiser filed four separate sales totaling roughly $16.4 million, with the largest single transaction at $11.7 million. The September 4 filings show a similar structure: four sales worth about $17.0 million combined, led by a $12.0 million disposition. August 7 brought another four sales at approximately $15.6 million, including an $11.0 million block. The July 6 filings are different in scale, with 13 small sales ranging from $253.86 to $118,649.87, together adding up to roughly $333,000.
The absence of any purchase code in the record is the defining feature. There are no P transactions, no option exercises marked as acquisitions, and no grants. Every filing is an S, an open-market sale. The dollar values cluster in two bands: large quarterly blocks in the eight-figure range and small residual sales that look like cleanup of odd lots or tax-related disposals. Across the entire history, Speiser has never bought a share through the open market. The direction is one-way, and the recent data shows no change in that trajectory.
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