Executives of U.S. IoT Platform Company Initiate Sale of Shares Worth Hundreds of Millions

On January 6, CEO Sanjit Biswas and CTO John Bicket of U.S. Internet of Things platform company Samsara Inc. (Nasdaq: IOT) converted millions of their Class B common shares into Class A common shares at no cost and then sold approximately 260,000 Class A shares each in the open market under pre-established Rule 10b5-1 trading plans through family trusts. The transactions generated roughly $9 million in cash for each executive—about $18 million combined (approximately KRW 24 billion)—though they still indirectly own tens of millions of shares via their trusts and spouses’ holdings.

In its fiscal 2025 third quarter, Samsara reported $416 million in revenue and $1.75 billion in annual recurring revenue (ARR), both up 29% year over year—equivalent to roughly KRW 540 billion and KRW 2.3 trillion, respectively—and saw its stock price rise by double digits following the results announcement. Under a Rule 10b5-1 plan established in September 2025, the co-founders signaled they might sell up to 5 million additional shares each by the end of 2026; even if fully executed, they would still hold just over 30% of the company’s outstanding shares.

Founded in 2015 by Sanjit Biswas and John Bicket, Samsara is a San Francisco–based cloud company specializing in connected logistics and industrial operations management. It collects data from vehicles, equipment, and on-site workers to enhance safety, efficiency, and sustainability. The founders previously launched networking equipment startup Meraki—sold to Cisco in 2012—and today continue to lead Samsara as CEO and CTO, guiding its strategy and product development.