Nvidia Board Director Mark Stevens sold about 4.2 million of his shares, netting him around $1 billion in cash, almost exactly two months before Jensen Huang was accused of having “close ties” to an alleged Chinese spy.
According to Moneywise.com, Stevens started the sale from August 31 to September 2, when Nvidia stock hovered between $220 and $226, which made him $411 million. The next tranche, totaling $236 million, came in the next couple of days as Nvidia traded from $227 to $234.
The final sale happened on September 18 at around $220 per share, making Stevens approximately $300 million. These three transactions would have made him somewhere around $947 million.
Jail. Straight to jail.
i like what china does to bourgeois who behave like this.
without a trading plan
I thought board members and company execs of a publicly traded company could only deal in company stock under a plan, one of the key mechanisms to prevent rampant insider trading…
Well that just depends on whether they get prosecuted or not.
It was 2 months before… the affairs had been going on a lot longer. I am sure the board knew about them and were just ignoring them anyway. They wouldn’t get a two month heads up on the story breaking, no news place would wait that long. So these are unrelated events. He most likely feared the AI bubble would be popping soon and wanted to cash out some…
They might have gotten wind of a news organization looking into it, but they won’t typically publish without having multiple sources. Maybe it took awhile to find a second or third?
Orrrrr he sold a bunch of stock and then waited 2 months before leaking Jensen’s
literal treasonaffairs (because that’s the important bit) to the media to get rid of Jensen while also pushing the accountability for breaking export restrictions onto Jensen singularly, whereas likely Jensen wasn’t the only person who knew about it.The fact that everyone is talking about the affairs, not the billions in export restricted goods being exported to China already shows how this has been a masterful PR move.
He most likely feared the AI bubble would be popping soon and wanted to cash out some…
Well given that the CEO and CFO had clashes about exactly this a few months ago and this apparently wasn’t public information, that ALSO is insider trading if he sold based on that.
I want to agree with you, but the corruption these days is next level and with basically 1-2 people owning 80%+ of US media I can’t help but wonder if this is more possible now than ever to actually pull off.
there is nothing “unrelated” when it comes to corporations.
No news place would wait that long.
Are you sure about that? The “news place” know what will happen, they could sit on the story giving themselves time to short the stock. The trading is potentially worth far more to them than the story, if it stays under wraps till they break it. That would be worth the risk.
good thing we followed all the rules while growing up in the 80s and 90s just so we could watch donald trump and his buddies vacuum up all the money.
I don’t think it’s too late to exact punishment
I dont think 100 years of jail is something donald fears now.
But his family and cronies are younger and could be made to suffer far more.
Donald only fears ego injury. Always has, always will. We can make that happen
Time to bring back the pillory!
Strap him in one of those bad boys and pelt him with rotten produce, eggs, and insults on live TV for a day and he’ll lose what’s left of his mind for sure
At this point, I don’t believe the threat of imprisonment is a disincentive anymore for most of the plutocrats.
shh, inside trading laws are only for us plebs - don’t worry about it
Remember when those military grunts got caught doing it over I think the Maduro thing?
Silly proles. Inside trading is for your owners.
none of us are on the “inside” though…
To me this just seems like passing the bag to retail investors when the AI investment craze is winding down. Maybe he also knew about the circular financing to keep chips at a premium. The music is slowing down… No knowledge of scandal required.
Yeah I doubt the sale had to do with the CEOS affairs. Circular investing fighting to keep GPU costs up seem more likely. That said, why anyone thinks it should be legal for people to sell off $1 billion dollars of stock and not give the public say a month prior notice with the reason they are selling is beyond me. Under no circumstances does that help anyone but that individual. Every other person in the stock market is taking a hit for them. You’d think the people who like this system would think of those people as freeloading scum. Then if something comes out after that shows they lied to the public about their reason for selling they should be sentenced to a dollar per hour prison sentence. So for a billion dollars, that’d be so many life sentences.
Amen, neighbor. Either way it should be insider trading. Like if you can turn around and verify Ed Zitron’s analysis from your desk, then you sell, that’s inside information.
It’s literally the law that he had to give 6 months’ notice, which he did not do. Prosecution, however, would be the responsibility of the Trump Administration…
I wonder what would depict jurisdiction. Like say Pennsylvania could say Nvidia sold products in our state, so I wonder if they could prosecute based off that or if they would have to be headquartered there.
It’s a federal law, so I don’t think states have jurisdiction, unless there are some state-specific laws that were violated
To be fair, the stock had be in decline for a month before the election and the Friday before the election was a the largest recent one day drop at the time. I had an ETF with NVDA and about 30 other semiconductor companies and I also sold.
He sold this stock between 8/31 and 9/18. NVDA hit an all-time high on 10/5, after which the decline started
Blogspam and a nothingburger. Both this and the source article say this doesn’t really mean anything on its own, and there’s no evidence of anything newsworthy happening.
Found Mark Stevens Lemmy account
“He sold $1 billion worth of NVDA stock right before shit hit the fan, and is in a clear position to have access to inside information, but he probably did it innocently enough. Let’s just ask no questions and leave him be.”
These kind of sales have to be initiated and reported at least 6 months before normally.
Two months before, as part of regular sales, not right before.
I’m not saying don’t ask questions, I’m saying this kind of yellow journalism is harmful.
Two months before, as part of regular sales, not right before.
No it wasn’t. “Regular sales” are announced six months prior in a Rule 10b5-1 trading plan to help avoid accusations of insider trading.
This explicitly was not announced early. This just looks like he knew about it two months ago and sold his shit immediately when he found out, expecting it to become public sooner.
When did he announce this sale? It sure sounds like he didn’t announce it at all, which would be illegal, right? This concern is totally legitimate to report on and is in no way “yellow journalism.”
it IS a definitive refutation of the common talking point about “their wealth isn’t liquid” sure, theres a cost to take the money out but they very much can do it if they really want.
That’s not new knowledge
