Cloudflare President Michelle Zatlyn Has Sold $551 Million in NET Stock Across 1,901 Transactions
Michelle Zatlyn, co-founder and president of Cloudflare, has sold $551 million in NET stock since the company's 2019 IPO, making her one of the most prolific insider sellers in the cybersecurity sector.
Michelle Zatlyn, co-founder, president, and board co-chair of Cloudflare (NET), has sold $551 million in company stock across 1,901 insider transactions since the company's 2019 IPO. With zero career purchases and a consistently high selling cadence, Zatlyn represents one of the most systematic founder-seller profiles in the cybersecurity and cloud infrastructure sector.
The Numbers
| Metric | Value |
|---|---|
| Career Sell Value | $551 million |
| Total Transactions | 1,901 |
| Last Transaction | Dec 11, 2025 |
| Career Buy Value | $0 |
What It Means
Zatlyn co-founded Cloudflare with CEO Matthew Prince in 2009 and took the company public in September 2019 at $15 per share. Since then, NET has become a market favorite among growth investors, rising to over $120 — an 8x return from IPO. Her $551 million in sales across 1,901 transactions works out to roughly one transaction every business day since the IPO, executed through a pre-arranged 10b5-1 trading plan that sells small blocks at regular intervals regardless of price.
This selling pattern is textbook systematic diversification for a co-founder with the majority of their net worth concentrated in a single stock. The zero career purchases confirm that Zatlyn's entire holding originates from founding equity and compensation grants — she has never bought shares on the open market. At Cloudflare's current valuation above $40 billion, even substantial selling barely moves her ownership needle, and she retains significant influence through her dual role as president and board co-chair.
What to Watch
- Whether Zatlyn's selling pace accelerates or decelerates at current price levels — changes in the cadence of a systematic seller often signal a plan modification
- Cloudflare's continued push into enterprise security and AI inference workloads, which has been the primary revenue growth driver
- How Zatlyn's selling compares to CEO Matthew Prince's insider activity, as coordinated changes between co-founders amplify the signal
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