TLDR
- Nvidia (NVDA) traded near $163 on Nov. 13, down about 3% on the day.
- Director Mark Stevens sold about $946.6 million of stock in three batches from Aug. 31 to Sept. 18.
- None of the sales was flagged as part of a Rule 10b5-1 trading plan.
- Stevens still holds 27,532,893 units of Nvidia stock.
- CEO Jensen Huang resigned on Nov. 12, and Colette Kress is interim CEO.
Nvidia (NVDA) stock was trading near $163 on Nov. 13, down about 3% on the day. The stock has dropped roughly 15% in the last several days.
Director Mark Stevens sold about $946.6 million of Nvidia stock in late August and September, SEC filings show. The sales came in three separate batches.
Here is the math that stands out. His average sale price was about $223 per unit, so the stock now sits roughly 27% below it.
The first batch ran from Aug. 31 to Sept. 2. It covered 1,848,501 units at prices from about $220 to $226 and brought in about $411 million.
The second batch came on Sept. 3 and Sept. 4. Stevens sold 1,022,239 units at about $228 to $234 and raised about $236 million.
The third sale took place on Sept. 18. He sold 1,366,000 units at about $220 each for roughly $300 million.
No Trading Plan Flagged
None of the three sales was marked as part of a Rule 10b5-1 trading plan. Those plans are prearranged schedules that can offer a defense against insider-trading claims.
The forms give no reason for the sales. They also make no mention of the later reports about Huang.
Insiders often sell for reasons like diversification or liquidity. A missing trading plan is not, by itself, evidence of unlawful trading.
Stevens first joined the board in 2008, after an earlier term from 1993 to 2006. The stock was sold through the Third Millennium Trust, where he and his wife are co-trustees.
He still holds 27,532,893 units of Nvidia stock. At $163, that stake is worth about $4.5 billion.
Timeline Around Huang’s Exit
The first two sales followed a strong Q2 earnings report. Nvidia stock jumped about 10% in the week after it.
The last sale came about seven weeks before the board opened an independent inquiry on Nov. 8. That inquiry looked into reports that Huang had been targeted by a foreign intelligence operation.
Four days later, on Nov. 12, Huang resigned as president, CEO and director, effective immediately. The board named CFO Colette Kress as interim CEO.
The board said it expects operations, customer commitments and the product roadmap to continue without interruption. Nothing in the forms links Stevens’s sales to those later events.
On Nov. 13, Nvidia stock traded near $163. The company has shed roughly $1.7 trillion in market value since the start of October.
