Nvidia Director Mark Stevens Sells Record $411 Million in Stock
Insider executes historic stock dump
Nvidia director Mark Stevens sold roughly $411 million worth of Nvidia stock earlier this week. The sales happened across just three days, setting a new record for a single insider transaction at the company. Stevens did not list a specific reason for the sale, nor did he claim it was part of a predetermined trading plan. He reported the transactions through his Third Millennium Trust on a single SEC filing.
Key sales figures
- Total sold so far: approximately $411 million.
- Shares sold: 1,848,501 NVDA shares.
- Average price: $222.26 per share.
- Timeline: Monday, Tuesday, and Wednesday of this week.
Official filings
SEC documents show Stevens’ trust sold 585,000 shares on Monday, 63,501 on Tuesday, and 1.2 million on Wednesday. Stevens and his wife are co-trustees of the Third Millennium Trust. Separately, Stevens notified the SEC on Wednesday of a plan to sell up to $1.09 billion more in Nvidia stock. This proposal would involve 5 million additional shares. Merrill Lynch was named as the broker. The sellers for this potential future sale would be the Third Millennium Trust and Stevens’ 970 Foundation.
Charitable context
The 970 Foundation is a registered charity. According to the filing, any sales from the foundation would not result in personal profit for Stevens. The filing did not specify exactly how many shares would come from the trust versus the charity.
Record-breaking context
This transaction clears the previous record by $175 million. The prior record was held by fellow Nvidia director Tench Coxe, who sold $235.74 million in September 2024. Stevens sold 74% more than Coxe’s total. While Nvidia CEO Jensen Huang has sold a larger total amount over several months, Stevens’ three-day selling spree is the largest single-window insider sale recorded by Protos and other monitoring services since electronic filing became mandatory in 2003.
What is still unclear
It is not confirmed whether Stevens is operating under a pre-existing trading arrangement from before 2023. The recent filing did not identify the sales as being under SEC Rule 10b5-1, but that omission does not prove the absence of an older plan. Additionally, the Form 144 filing allows for sales as early as September 2, but it does not confirm that all 5 million proposed shares have actually been sold yet.
Why this matters
Large insider sales often draw attention from investors who watch executive activity for signals about a company's future. A sale of this size by a board member is notable regardless of the underlying motivation.
