Nvidia board member Mark Stevens sells $411M in stock, sets insider record

Mark Stevens, the billionaire Nvidia director, disposed of $410.84 million worth of the chipmaker's shares over three days this week. He did not specify any predetermined trading plan or reason for the sales.

It was the largest insider Nvidia stock sale in history by dollar amount, surpassing the prior record by $175 million.

The sales were reported on a single SEC Form 4, with the Third Millennium Trust carrying out seven separate transactions. Stevens and his wife serve as co-trustees of that trust.

The trust sold 585,000 NVDA shares on Monday, 63,501 on Tuesday, and 1.2 million on Wednesday. In total, 1,848,501 shares were disposed of at a weighted average price of $222.26, yielding about $411 million for Stevens.

For comparison, CEO Jensen Huang has sold a larger total amount over a longer span — $713 million from June 14 to September 12, 2024 — but over a consecutive series of days, Stevens' sales this week are the highest.

Furthermore, as detailed later, Stevens has filed to sell even more shares in the near future.

The three-day selling spree surpasses all other NVDA insider sales that Protos staff could find on the SEC website and through monitoring services OpenInsider and InsiderScreener.

Notably, electronic Form 4 filings became mandatory only in mid-2003, while Nvidia went public in 1999.

Stevens' sales surpassed the previous record held by fellow Nvidia director Tench Coxe, who set that record with a 2024 sale. Coxe's September 2024 filing showed $235.74 million in stock sales over two days.

Stevens sold 74% more than Coxe's total this week. He may also sell additional shares.

Nvidia insider sets record sale, files to sell more shares

Separately, Stevens informed the SEC on Wednesday of a proposed sale of up to an additional $1.09 billion in NVDA shares, which would break his own record set earlier this week.

For the proposed 5 million shares, he listed Merrill Lynch as broker, with the Third Millennium Trust and his 970 Foundation as the selling entities.

The 970 Foundation is a registered charity, so proceeds from its sales would not go to Stevens personally. His filing did not specify how the proposed shares would be split between the Third Millennium Trust and the 970 Foundation.

Wednesday's Form 144 documents the intention to sell. It permits sales as early as September 2, but does not confirm that all 5 million shares were actually sold.

Stevens' filing did not label his sales before Wednesday as predetermined under an SEC Rule 10b5-1(c) trading plan. However, that does not rule out the possibility that he had another grandfathered trading arrangement from before 2023.