These insiders are dip-buyers as the market pummels their stocks this week

Published Fri, May 6 202211:53 AM EDT

This week's market rout created a buying opportunity for many insiders, as they picked up beaten-down shares of their companies. A number of company executives from General Motors to Intel scooped up their companies' stocks during the fast-and-furious sell-off on Wall Street in the past few days, according to VerityData. The market had a roller-coaster week as the Federal Reserve implemented a half-percentage-point rate hike while signaling similar aggressive tightening measures are on the horizon. During the market turmoil, Align Technology CEO Joseph Hogan bought the dip in his own company's stock. Shares of the dental products maker fell about 3% this week, bringing its 2022 losses to more than 57%. Meanwhile, Justin Whitmore, an officer at Keurig Dr. Pepper, bought more than 65,000 shares of the consumer name — with the stock on track to post a losing week. Spotify CEO Daniel Ek piled $50 million into his music streaming company this week. The stock has suffered a brutal sell-off this year — down more than 50% — amid fears of rising rates as well as weakness in ad-supported revenue and paid subscribers . "I've always been vocal about my strong belief in Spotify and what we are building," Ek said in a Twitter post Friday. "So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead..." Spotify is a Luxembourg City-domiciled holding company, so its insiders are not required to disclose their buying and selling activity. Elsewhere, GM finance chief Paul Jacobson picked up about 35,000 shares of the company earlier this week. The stock of the industrial giant is down more than 30% this year. General Electric CEO Larry Culp purchased 65,000 shares of his company this week. GE has lost 17% this year amid pressures from supply chain issues, the war in Ukraine and the spread of Covid. Culp said recently that GE is "trending toward the low end" of its guidance due in part to inflation pressures. Intel CEO Patrick Gelsinger, as well as CFO David Zinsner bought the tech company's stock this week. The stock was up more than 2% this week, rebounding from last week's earnings-induced losses north of 6%. Last week, the chipmaker issued a lower-than-expected forecast for its fiscal second quarter. The stock is down 12% in 2022.

Daniel Ek, chief executive officer and co-founder of Spotify AB, stands for a photograph after a news conference in Tokyo, Japan, on Thursday, Sept. 29, 2016.

Akio Kon | Bloomberg | Getty Images

This week's market rout created a buying opportunity for many insiders, as they picked up beaten-down shares of their companies.