Nvidia director Mark Stevens sold $410.84 million worth of the chipmaker’s stock across three days this week, setting the largest insider sale in the company’s history by dollar value, according to Protos. The filing did not specify any predetermined trading plan or reason for the disposal.
Stevens disclosed the transactions in a single U.S. Securities and Exchange Commission Form 4. The sales were executed through Third Millennium Trust, where Stevens and his wife serve as co-trustees.
1.85 million shares sold over three days
The trust sold 585,000 NVDA shares on Monday, 63,501 on Tuesday, and 1.2 million on Wednesday. In total, Stevens disposed of 1,848,501 shares at a weighted average price of $222.26, generating about $411 million.
Protos said that made it the biggest Nvidia insider stock sale ever recorded over a contiguous run of trading days. Nvidia CEO Jensen Huang has sold more stock in absolute terms over a longer stretch — $713 million from June 14 through September 12, 2024 — but Stevens’ sale was larger within this three-day window.
Sale exceeded the prior record
Protos reported that Stevens’ three-day disposal topped every other Nvidia insider sale its staff could electronically retrieve through the SEC website, as well as insider-trading monitoring services OpenInsider and InsiderScreener.
The report noted that mandatory electronic SEC Form 4 filing only began in mid-2003, while Nvidia went public in 1999. Stevens’ sale also moved past the previous record set by fellow Nvidia director Tench Coxe. Coxe’s September 2024 filing showed $235.74 million in stock sales across two days. Stevens sold 74% more this week.
Another proposed sale could reach $1.09 billion
Separately, Stevens notified the SEC on Wednesday of an additional proposed sale of up to $1.09 billion worth of NVDA shares. If fully carried out, that would break the record he set earlier this week.
The proposed transaction covers 5 million shares. The filing names Merrill Lynch as broker and lists Third Millennium Trust and the 970 Foundation as sellers.
The 970 Foundation is a registered charity, which means any stock sold by that entity would not go to Stevens personally. The filing did not say how the proposed 5 million shares would be split between Third Millennium Trust and the 970 Foundation.
Form 144 shows intent, not completed sales
Protos said Wednesday’s Form 144 records the entities’ intention to sell. It allowed Stevens to sell as early as September 2, but it does not establish that all 5 million shares were actually sold.
The report also noted that Stevens did not identify his sales prior to Wednesday as predetermined transactions under an SEC Rule 10b5-1(c) trading plan. At the same time, Protos said that detail does not prove he lacked another pre-2023 trading arrangement that could still apply.