Klaviyo Co-CEO Sells $3.1 Million in Stock After Lockup Expiry
18h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
klaviyoinsider-trading
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Klaviyo, Inc. co-founder and co-CEO Andrew Bialecki sold a total of $3,128,400 in company stock on May 28, 2026. The transactions, executed in multiple lots, were disclosed in a Form 4 filing with the U.S. Securities and Exchange Commission. This divestment occurred shortly after the full expiration of lockup agreements that had restricted insider sales since the company's initial public offering in September 2023. Klaviyo's stock closed at $27.36 on the day of the sale, giving the marketing automation platform a market capitalization of approximately $7.1 billion.
This transaction is the first significant sale by Bialecki since Klaviyo's post-IPO lockup period fully expired in March 2026. Lockup agreements typically prevent company insiders and early investors from selling shares for 180 days following an IPO to prevent immediate market flooding. The expiration of these periods often leads to increased volatility as pent-up supply enters the market. Klaviyo’s lockup expiry followed a pattern seen with other 2023 IPOs like Instacart and Arm Holdings.
The sale occurs against a backdrop of heightened scrutiny on insider selling within the technology sector. The Nasdaq Composite Index has retreated 4% year-to-date amid concerns over sustained high interest rates. Technology executives have collectively sold over $40 billion in stock so far in 2026, according to data from VerityData. This elevated selling activity signals a potential rotation out of growth equities as monetary policy remains restrictive.
Bialecki’s decision to sell aligns with a scheduled trading plan adopted under Rule 10b5-1. These plans allow corporate insiders to pre-arrange stock sales at predetermined times to avoid accusations of trading on nonpublic information. The adoption of such a plan in February 2026 indicates this sale was planned well in advance, not driven by recent company-specific developments.
Andrew Bialecki sold 114,300 shares at a weighted average price of $27.36 per share. The transactions ranged from $27.20 to $27.52, executed across seven separate trades. Following these sales, Bialecki’s direct holdings in Klaviyo decreased to approximately 2.8 million shares. These remaining shares are valued at roughly $76.6 million based on the May 28 closing price.
Klaviyo’s stock performance has lagged behind broader market indices since its IPO. The stock is down 32% from its IPO price of $40, while the S&P 500 has gained 12% over the same period. Trading volume on May 28 was 2.4 million shares, approximately 50% above the 90-day average volume of 1.6 million shares. This elevated volume suggests the market absorbed the insider selling pressure with moderate efficiency.
| Metric | Pre-Sale (May 27 Close) | Post-Sale (May 28 Close) | Change |
|---|---|---|---|
| Share Price | $27.45 | $27.36 | -0.33% |
| Daily Volume | 1.5M shares | 2.4M shares | +60% |
| Market Cap | $7.13B | $7.10B | -$30M |
Insider ownership remains substantial despite this sale. Co-founders Andrew Bialecki and Ed Hallen collectively control approximately 35% of Klaviyo’s outstanding shares through Class B super-voting stock. This governance structure provides them with significant control over corporate decisions, with each Class B share carrying ten votes compared to one vote for each publicly traded Class A share.
The sale’s relatively modest size compared to Bialecki’s total holdings suggests a liquidity event rather than a loss of confidence. Executives often sell shares for personal financial planning, including tax obligations or diversification. The transaction represents approximately 4% of Bialecki’s directly held Class A shares. This scale is consistent with routine portfolio rebalancing observed among founders of newly public companies.
Sector-wide, insider selling in software-as-a-service (SaaS) companies has increased by 18% year-over-year. Peers like Salesforce and HubSpot have seen similar patterns of executive selling following lockup expirations. This trend reflects a normalization after the valuation compression that hit high-multiple tech stocks throughout 2025. The Klaviyo sale may signal to investors that insider selling pressure in the SaaS sector is reaching its peak.
A counter-argument is that elevated insider selling could indicate that executives believe their stock is fully valued amidst challenging fundamentals. Klaviyo faces increased competition from platforms like Braze and Salesforce Marketing Cloud, which could pressure its growth trajectory. The company’s revenue growth decelerated to 22% year-over-year in its most recent quarter, down from 35% a year prior.
Trading flow data indicates short interest in KVYO has decreased by 8% over the past month, suggesting some investors are covering bearish bets ahead of potential stabilization. Options market activity shows increased demand for out-of-the-money call options expiring in July 2026, implying some traders anticipate a rebound following the lockup expiry sell-pressure dissipation.
Investors should monitor Klaviyo’s next earnings release scheduled for August 6, 2026. Guidance for customer acquisition costs and net revenue retention rates will be critical indicators of competitive positioning. Any deviation from the projected 20% revenue growth forecast could trigger significant price movement. The company’s ability to maintain its industry-leading gross margins above 75% will also be closely watched.
Technical analysts are watching the $25.50 support level, which has held twice since February 2026. A breach of this level could signal further downside toward the $22 support zone. Conversely, a sustained break above the 50-day moving average at $28.90 would indicate renewed bullish momentum. Volume patterns over the next two weeks will confirm whether selling pressure has been fully absorbed.
The Federal Open Market Committee meeting on June 17-18 will set the broader interest rate context for growth stocks like Klaviyo. Market-implied probability currently suggests a 70% chance of a 25-basis-point rate cut. A more hawkish-than-expected Fed stance could extend the pressure on high-multiple software stocks, while a dovish pivot could catalyze a sector-wide rally.
Bialecki's $3.1 million sale is relatively modest compared to recent transactions by peers. Shopify CEO Tobi Lütke sold approximately $120 million in shares in early 2026 as part of a pre-arranged trading plan. Snowflake CEO Frank Slootman sold over $90 million in stock following his retirement announcement in February. The scale of Bialecki's sale aligns more closely with routine portfolio rebalancing than a major strategic reduction, representing less than 5% of his disclosed holdings.
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