STOCKS | Nvidia Director Sold Nearly $946 Million in Shares Without a 10b5-1 Plan Before Scandal Broke

Nvidia director and second-largest shareholder Mark Stevens sold about $946 million in company shares in three rounds before CEO Jensen Huang resigned on November 12. According to Sina Finance, SEC filings show Stevens did not use a prearranged 10b5-1 trading plan and was among the largest insider sellers in the U.S. AI sector in the third quarter of 2026. Stevens sold $411 million in shares from August 31 to September 2 at $220 to $226 per share, about $236 million from September 3 to September 4 at $227 to $234 per share, and about $300 million on September 18 at around $220 per share. He still holds a large Nvidia stake. The first two sales followed the company’s release of its second-quarter fiscal 2027 results, after which its shares rose sharply over the following week. 10b5-1 plans let executives trade company shares according to preset dates or prices. The SEC introduced the system in 2000 and revised its rules in 2022, adding requirements including a cooling-off period. The article noted that Stevens’s decision not to use such a plan does not by itself indicate wrongdoing, and that insiders may sell shares for various reasons. Earlier reports alleged Huang had a relationship with Nvidia executive Kimberly Powell. On November 12, Nvidia’s board announced Huang’s resignation, praised his leadership, and named Colette Kress interim CEO. The board said it expected company operations, customer commitments, and the product roadmap to continue without disruption. Nvidia shares traded on November 13 and had fallen about 15% over recent trading sessions; the company’s market capitalization had also declined since early October.