Samsara's founders banked $20M in lockstep while buyers paid up for the Volkswagen pop
Sanjit Biswas and John Bicket each sold exactly 263,900 Class A shares over three days, under trading plans adopted a year earlier to the day. The same week Volkswagen's data deal landed, buyers paid $40.04, above every founder price.
Vincent Jiang · 3 min read
Two founders, one share count
Sanjit Biswas and John Bicket, the co-founders who still run Samsara, each sold exactly 263,900 Class A shares between 29 September and 1 October 12. The same number, to the share, across the same three days, in a shared $37.14–$39.32 band across both filings 12. Both Forms 4 landed on 1 October, signed by the same attorney-in-fact 12.
A $20 million week the tape cheered
Counted line by line, the two programs grossed about $20.1M, a weighted $38.03 a share each 12. The selling ran into a rally: on 1 October a trade report sourced to Samsara described its Volkswagen Group Info Services integration, live data from six VW brands flowing into the fleet platform 4. IOT closed at $40.04, up 5.0% 5.
Oct 1 buyers paid $40.04, two dollars above either founder's average exit
Data
| Price per share | |
|---|---|
| Biswas, avg sale | $38.03 |
| Bicket, avg sale | $38.03 |
| Oct 1 close | $40.04 |
The schedule predates the news
The lockstep has a dull explanation. Both men's Rule 10b5-1 plans were adopted on 29 September 2025, one year to the day before the first sale 12. Biswas moved 80,074 shares into his family trust on 15 September; Bicket shifted 6.2 million Class B shares into annuity trusts two days later 12. Estate plumbing, not a dash for the door. The stubborn number is the aggregate: $399.9M of insider sales in the past year, per GuruFocus, and not one share bought 5.
What the filings leave behind
After the sales, Bicket still held about 92.1 million Class B shares, convertible one-for-one, plus roughly 1.4 million Class A; Biswas kept about 2.2 million Class A 12. The company on the other side of those trades just turned a corner: revenue ran $508.4M last quarter, up 29.9%, annual recurring revenue hit $2.13B, guidance rose, and GAAP net income has now been positive four quarters running 679.
Four straight quarters of GAAP profit after eight losing ones
Data
| GAAP net income | |
|---|---|
| Q3 '23 | -$45.53M |
| Q4 '23 | -$113.37M |
| Q1 '24 | -$56.29M |
| Q2 '24 | -$49.61M |
| Q3 '24 | -$37.81M |
| Q4 '24 | -$11.2M |
| Q1 '25 | -$22.12M |
| Q2 '25 | -$16.8M |
| Q3 '25 | $7.77M |
| Q4 '25 | $22.04M |
| Q1 '26 | $44.51M |
| Q2 '26 | $16.24M |
The week had a third seller, too: Adam Eltoukhy, the executive vice president whose signature sits on both founders' filings 12, banked $285,432 of his own on 25 September 3.
A rounding error, on a conveyor belt
Fair is fair: 263,900 shares are under 0.3% of what Bicket controls 2. Volkswagen's data arm is no one's exclusive, either; it fed the same six brands' data to the telematics firm OCTO in March 8. What the defense cannot explain is direction. Any single insider purchase this year would have changed this story. The filings show none 5.
Watch the filings, not the tape
The 2025 plans have no public end date 12, so more sales are the base case. The next earnings report is the first that could show Volkswagen data inside ARR. On 2 October the stock traded at $40.58, above every price either founder accepted 9. The founders sold on a calendar written a year before Volkswagen; the buyers at $40 are trading on one written this week.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
