Insider Signal Intelligence

The Rat Report 🐀

Issue #1  ·  May 2026  ·  ratwatch.netlify.app

Every week I track the gap between what CEOs say on earnings calls and what they actually do with their own shares via SEC Form 4 filings. When those two things diverge significantly, it's worth paying attention to. Welcome to issue #1.

🐀 Rat of the Week

PLTR  +84 gap   🐀🐀🐀🐀🐀

Earnings call: 92/100  |  Insider trades: 8/100  |  Gap: +84pts

Alex Karp has sold approximately $1.88 billion of his own Palantir stock since 2024. In that same period he has described the company as essential to Western civilisation, written a philosophical manifesto about AI saving democracy, and delivered some of the most bullish earnings call commentary of any CEO in the S&P 500.

Palantir is a real business with real government contracts and genuine AI momentum. The divergence isn't about whether the product works. It's about the fact that the person who knows the business better than anyone keeps reducing his exposure at a company trading at 200x+ earnings.

Watch what he does, not what he says.

📊 The Number This Week

$2.1B

That's how much Elon Musk has sold in Tesla stock while simultaneously projecting a robotaxi revolution and 20-30% vehicle volume growth. Chair Robyn Denholm sold another $125M. The CFO sold twice. Musk did buy back ~$1B in shares in September 2025 — but net insider selling across the executive team remains heavily negative.

✅ Bullish Signal of the Week

UNH  -36 gap   ✅

Earnings call: 52/100  |  Insider trades: 88/100  |  Gap: -36pts

UNH has had about the worst 18 months imaginable. CEO murdered. Replacement resigned. DOJ criminal investigation into Medicare billing. EPS down 41% year over year. Stock from $606 to $280. Everyone hates it.

Here's what caught my attention. In Q2 2025, Warren Buffett's Berkshire Hathaway quietly purchased 5,039,564 shares worth approximately $1.6 billion while the stock was down nearly 50%. David Tepper's Appaloosa added 2.28 million shares the same quarter. Michael Burry bought call options on 350,000 shares.

The people doing serious homework were buying while retail was selling.

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Next Week

Deep dive on RDDT. The CEO of the platform you're probably reading this on has been consistently selling his own stock while talking up Reddit's AI data licensing strategy. The community is the product. The community might also be the exit liquidity.

All data sourced from public SEC Form 4 filings. Not financial advice. Do your own DD.

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