Nvidia board director cashed out $1 billion in stock before Jensen Huang scandal
Nvidia board director Mark Stevens sold approximately 4.2 million shares, netting around $1 billion, just two months before CEO Jensen Huang faced allegations of having 'close ties' to an alleged Chinese spy.
According to Moneywise.com, Stevens initiated his share sales from August 31 to September 2 when Nvidia stock traded between $220 and $226, earning him $411 million. The second tranche of $236 million occurred in the following days as shares ranged from $227 to $234. The final sale on September 18 at approximately $220 per share brought him another $300 million.
Insider trading concerns
Stevens' sales occurred without a formal trading plan, raising potential insider trading concerns. This contrasts with Huang's $925 million share sale last year, which was announced six months earlier through a Rule 10b5-1 trading plan specifically designed to avoid such accusations.
Huang's scandal
The stock sales came to light just before Jensen Huang faced allegations of having 'close ties' to an alleged Chinese spy, though the material does not specify the nature of these allegations or their current status.
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