Nvidia board director Mark Stevens sold approximately $946 million in company stock during the third quarter of 2026, a period that concluded just weeks before CEO Jensen Huang resigned on November 12. The sales, totaling 4.2 million shares, were executed in three distinct batches between late August and mid-September, coinciding with a period of high volatility and a subsequent $1.7 trillion loss in market capitalization for the AI chipmaker.
Timeline of Stock Liquidations
The first of three stock sales took place between August 31 and September 2, generating $411 million at equity prices ranging from $220 to $226 per share. This was followed by a second sale from September 3 to September 4, which netted about $236 million at prices between $227 and $234.
Chart drawn by HN Digest from figures reported by finance.yahoo.com; values are shown as written in the source.
The final batch occurred on September 18, netting roughly $300 million at a price of approximately $220 per share. These transactions took place shortly after a robust Q2 earnings report that initially caused Nvidia shares to jump about 10% in value.
“Nvidia's second-largest shareholder sold about $946 million in company stock in the months leading up to CEO Jensen Huang's resignation on Nov. 12.”
— Nvidia director sold nearly $1B in stock weeks before the Jensen Huang scandal broke — and no trading plan was flagged
Trading Mechanisms and Insider Status
Prearranged trading plans are standard mechanisms used by corporate executives to buy or sell shares on specific dates or target prices, intended to wall off employees from insider trading accusations. While the SEC modified these practices in 2022 to include a 90-day waiting period for starting trades, Stevens' transactions were not associated with a flagged plan.
The absence of a flagged plan is not necessarily a red flag, as insiders may sell stock for various reasons, including the need for quick liquidity. However, the timing of these sales relative to the subsequent leadership scandal and market correction has drawn scrutiny from observers.
Leadership Scandal and Market Fallout
Jensen Huang resigned on November 12 following reports of a second extramarital relationship with an Nvidia executive, following previous scrutiny regarding an affair with a woman alleged to be a Chinese intelligence operative. The board appointed Colette Kress as interim CEO to maintain the company's product roadmap and customer commitments.
This image depicts Jensen Huang, the CEO whose resignation and subsequent market fallout are central to the article's narrative.
This image shows Jensen Huang receiving a national honor, highlighting his prominent public role before the leadership scandal.
The financial impact of the leadership transition was immediate; Nvidia's equity prices plunged about 15% in the days following the announcement. By mid-November, the company's share price sat at approximately $163, reflecting a massive erosion of investor confidence in the AI titan.
What Hacker News readers are saying
- Technical note: One commenter argued that the stock sales were not unusual because executives are required to pre-announce such trades 90 days in advance and still retain a significant amount of shares. comment ↗
- Technical note: Another commenter pointed out that insiders cannot sell stock on a whim and must schedule sales at least a year in advance, suggesting the media failed to research these basic rules. comment ↗
- Skeptical: One reader expressed skepticism regarding the enforcement of white-collar crime in the United States, questioning if such headlines will ever stop appearing. comment ↗
Summarized opinions from the Hacker News thread, not verified facts. Read the full discussion ↗