Nvidia director Mark Stevens sold a record $411M of stock

Billionaire Nvidia director Mark Stevens sold $410.84 million of the chipmaker’s stock across three days this week and didn’t even bother to note any predetermined trading plan or reason for his disposal.

It was the largest insider Nvidia stock sale in history by dollar value, clearing the previous record by $175 million.

He disclosed his sales on a single SEC Form 4 with his Third Millennium Trust executing seven separate transactions. Stevens and his wife are co-trustees of Third Millennium Trust.

Stevens’ trust sold 585,000 NVDA shares on Monday, 63,501 on Tuesday, and 1.2 million on Wednesday. All told, Stevens disposed of 1,848,501 NVDA at a weighted average price of $222.26, netting him approximately $411 million.

CEO Jensen Huang has sold more absolute stock across a much longer time period — $713 million from June 14 through September 12, 2024 — but across a contiguous series of days, Stevens sold the most this week.

Moreover, as discussed below, he has filed his intention to imminently dump even more shares.

His three-day selling spree exceeds all other NVDA insider sales that Protos staff could electronically retrieve from the SEC website as well as the insider trading monitoring services OpenInsider and InsiderScreener.

Interestingly, electronic SEC Form 4 filing became mandatory only in mid-2003, and Nvidia IPO’d in 1999.

Stevens’ massive sales overtook the self-enrichment record from Tench Coxe, another Nvidia director who took the record with a 2024 sale. Coxe’s September 2024 filing reported $235.74 million of stock sales across two days. 

Stevens sold 74% more this week. And he might be selling even more.

Read more: Crypto miners blamed for Nvidia GPU price hikes — again

An Nvidia insider selling record, with plans to sell more

Separately, Stevens notified the SEC on Wednesday of an additional proposed sale of up to $1.09 billion more NVDA, which would shatter his own record earlier this week.

For these additional 5 million shares, he named Merrill Lynch as broker with Stevens’ Third Millennium Trust and his 970 Foundation as sellers.

Importantly, the 970 Foundation is a registered charity, so any of its sales would not go to Stevens personally. Stevens form didn’t specify the mix of proposed shares from Third Millennium Trust relative to the 970 Foundation.

Wednesday’s Form 144 records his entities’ intention to sell. It allowed him to sell as early as September 2, but it doesn’t establish that all 5 million shares actually sold. 

Stevens’ filing did not identify his sales prior to Wednesday as predetermined transactions under a SEC Rule 10b5-1(c) trading plan. That detail, however, doesn’t prove Stevens lacked another grandfathered, pre-2023 trading arrangement.

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