On 21 September Anthony Tan bought 10,350,000 Grab shares for $29,876,310, a weighted average of $2.8866, and filed the Form 4 the same day. Code P, held directly, no Rule 10b5-1 plan behind it. Every sale recorded under his own name since June 2023 comes to 16,813,128 shares for $75,634,935, so the purchase is 10,350,000 ÷ 16,813,128 = 61.6% of the shares back, for 39.5% of the money. Eleven days ago the same arithmetic on Uber's chief executive, a Grab independent director, ran the other way.
The US insider record on Tan is six months old
Grab has been a foreign private issuer since it listed in December 2021, and the annual report it filed on 6 March 2026 still says its officers and directors "are exempt from the reporting and 'short-swing' profit recovery provisions contained in Section 16". Twelve days later twelve Grab insiders filed their first Forms 3. Tan's, dated 18 March, shows 25,193 Class A shares and 77,425,133 Class B held directly, plus 19,492,330 more through Hibiscus Worldwide.
Everything since closes exactly. Three times he converted 800,000 Class B shares into Class A, five times he sold 400,000 Class A under a November 2025 plan. Two million shares went out for $7,356,920. Monday's purchase brought back 5.2 times the shares for 4.1 times the money.
Before March, the trail is Form 144, and it reaches $72.6 million of the $75.6 million
A Form 144 announces an intended sale, not a completed one. It also carries a table of what the filer sold in the previous three months, with dates, share counts and gross proceeds, and those windows overlap. Thirty-two notices sit under Tan's own identifier between June 2023 and July 2026; read against each other they give 70 distinct sale lines, 16,013,128 shares and $72,622,255; two later sales, in July and August, come off Forms 4 instead. The sum is ours, and where two agents report one sale differently each date takes the figure the most notices agree on.
Shares and gross proceeds as filed; the yearly totals are ours
| Year of sale | Shares | Gross proceeds |
|---|---|---|
| 2023, from 22 June | 125,000 | $430,190 |
| 2024 | 9,088,128 | $38,155,925 |
| 2025 | 5,200,000 | $27,850,480 |
| 2026, to 10 August | 2,400,000 | $9,198,340 |
| Total | 16,813,128 | $75,634,935 |
Each year sums the distinct executed sales reported in the past-three-months tables of Tan's Form 144 notices, by sale date rather than filing date, plus the July and August 2026 sales that fall after the last notice and are taken from Forms 4. 2023 runs from 22 June, the first sale EDGAR holds; 2026 runs to 10 August. The April, May and June 2026 lines appear in both records and agree to the dollar at $4,344,240. Sales before June 2023 were filed on paper and are absent.
Three lines, April to June 2026, are in both records. Both say $4,344,240 across the three, the check that the reconstruction works.
The trail stops in June 2023 because that is where EDGAR starts. Form 144 only became an electronic filing in 2023: EDGAR's quarterly index carried 176 of them in late 2022 and 14,418 in the second quarter of 2023. Whatever Tan sold in the eighteen months after Grab listed went to the SEC on paper. The $72.6 million is a floor.
The $29.9 million bought the class that does not control Grab
Grab's annual report counts 3.97 billion Class A ordinary shares and 128,355,800 Class B, and each Class B share carries 45 votes — 5.78 billion of the 9.75 billion votes, so 3.1% of the shares hold 59.3% of the vote. Tan's 94,517,463 Class B shares are 73.6% of that class and 43.8% of every vote at Grab.
What he bought is Class A, one vote each: 0.25% of the shares, 0.11% of the vote. It lifted his direct holding from 77,450,326 at the Form 3 to 85,803,631, his Class A alone from 428,498 to 10,778,498.
Grab publishes no individual pay figure, the same exemption again. Its only compensation number, $7 million of cash and benefits for all directors and executive officers in 2025, makes the cheque 4.3 times what Grab paid its leadership.
Hungate bought back more shares than he sold, and paid less for them
Alex Hungate, president and chief operating officer, bought 299,571 shares the same day for $866,838.65, at $2.8936 against Tan's $2.8866. Since his own Form 3 he has sold 289,442 shares under a plan for $1,003,141 and bought 299,571 back for less: 10,129 more shares than he sold, $136,302 less than they raised, his chief executive's trade at a thirty-fifth of the size.
Two facts cut the other way
The selling was scheduled. Every Form 4 sale carries the 10b5-1 footnote and the November 2025 plan, and most 2023 to 2025 lines are labelled the same way, so none of it was a same-day judgement. Neither purchase carries a plan, which is the fair point to make for them.
Grab was buying too. On 15 September it said it would complete the remaining $900 million of its repurchase authorisation within twelve months, the day it agreed to buy 60% of Atome Financial for $1.49 billion and raised its 2028 revenue path. Grab closed at $2.81 on 17 September; six days later its two most senior executives paid $2.89.
He is 6,463,128 shares short of square
A Form 5, an amendment or a notice reporting a sale these tables missed would move the $75,634,935, and only upward, because the paper-era sales are absent from it. That changes the ratio, not the direction: 6,463,128 shares still stand between the two totals, another $18.7 million at Monday's price, and the next Form 4 settles whether he means to close them.
Share counts, prices, transaction codes, plan references and post-transaction holdings come from Forms 3 and 4 filed under Anthony Tan's and Alexander Hungate's own SEC identifiers, read directly rather than through an aggregator. The 2023 to 2026 sale ledger is ours, reconstructed from the past-three-months tables on 32 Form 144 notices under Tan's identifier, with the deduplication rule and the cross-check described above. Share counts by class, the 45-vote ratio, the Section 16 exemption language and the aggregate compensation figure are from Grab's annual report for 2025. Grab announced the repurchase intention, the Atome agreement and the growth target on 15 September. Form 144 counts by quarter are ours, from EDGAR's index. The $2.81 is the 17 September close.
