Nvidia director and multibillionaire among the top-10 insider stock sellers in the third quarter

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Photo by Justin Sullivan /Getty ImagesBillionaires tied to the artificial intelligence industry were among the top insider sellers in the third quarter, a turbulent period for technology stocks that also brought increasingly stark warnings about the potential risks posed by AI.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountBillionaire venture capitalist and Nvidia Corp. director Mark Stevens topped the list during a quarter that saw the chipmaker’s stock valuation approach its cheapest level in over a decade. Other AI-linked billionaires on the top 10 list included Arista Networks Inc. chief executive Jayshree Ullal and Amazon.com Inc. founder Jeff Bezos, according to the Washington Service, which tracks insider buying and selling.This advertisement has not loaded yet, but your article continues below.The three have a combined net worth of US$302 billion, according to the Bloomberg Billionaires Index.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againAI-linked stocks tumbled in July amid growing fears about the enormous sums of money pouring into the industry. They rebounded, then took another hit after Anthropic PBC‘s Dario Amodei and OpenAI’s Sam Altman in mid-September called for a slowdown in development of advanced AI models. But many of those stocks quickly recovered amid new developments such as Meta Platforms Inc.’s Muse and anticipation of Nvidia’s next-generation AI architecture.While AI insiders made up nearly all of the top sellers in the second quarter, last quarter saw executives with health and biotech companies including BeOne Medicines Ltd., United Therapeutics Corp. and Illumina Inc. selling off stocks at a rapid clip as well.Here are the top insider sellers, according to the Washington Service. The data includes board directors who report such sales on behalf of their firms, but excludes sales by insiders conducted as part of a public offering. The individuals listed didn’t respond to requests for comment unless otherwise noted.This advertisement has not loaded yet, but your article continues below.1. Mark StevensTitle: Director, Nvidia Corp.Total shares sold: 4,236,740Total value sold: US$946,627,633Stevens, whose net worth is US$12.2 billion, according to Bloomberg’s wealth index, sold over US$946 million of shares in the chip developer at the heart of the artificial intelligence boom during the quarter. Though Nvidia’s shares are up nearly 30 per cent this year, that growth is less dramatic than other semiconductor makers like Intel Corp. and Advanced Micro Devices Inc., which have both more than tripled. Nvidia’s earnings continue to grow faster than its valuation, reflecting Wall Street’s skepticism even as the company’s revenue continues to balloon.Nvidia CEO Jensen Huang has pushed back against AI leaders’ warnings about the technology’s risks to humankind, calling a slowdown in development “completely unnecessary.”Stevens remains Nvidia’s second-largest individual shareholder after Huang.2. Jayshree UllalTitle: Chair & CEO, Arista Networks Inc.Total shares sold: 2,226,435 Total value sold: US$446,013,758Jayshree Ullal, one of the world’s richest women with a net worth of US$8.7 billion, unloaded some of her holdings in August as the networking equipment provider’s shares rose, according to filings with the United States Securities and Exchange Commission. The sales were made pursuant to 10b5-1 trading plans, which allow executives to signal in advance their intention to sell. Ullal still owns a two per cent stake in Arista, which is benefiting from the AI boom as a mass buildout of data centres drives demand for connectivity. In early August, Arista Networks forecast third-quarter revenue ‌of US$3.3 ⁠billion, beating the average analyst estimate. The company declined to comment.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.3. Keith MeisterTitle: Director, Illumina Inc.Total shares sold: 2,060,202Total value sold: US$436,157,160Activist investor Keith Meister joined life sciences company Illumina’s board in March 2025 and started cashing out his shares this year through Corvex Management, the hedge fund he founded. Illumina recently joined the S&P 500 Index after the company increased its revenue and earnings guidance for the year. As of Sept. 4, Meister still holds 6,780 shares directly in Illumina, amounting to a market value of US$1.86 million.Last year, Illumina was caught up in U.S. President Donald Trump’s trade war with China, which blacklisted the company as part of a series of retaliatory actions for Trump-ordered tariffs. That import ban was lifted in November and the stock has been recovering since.4. Xuning WangTitle: Chair, SharkNinja Inc.Total shares sold: 2,668,200Total value sold: US$401,190,552Xuning Wang, who is worth US$10.6 billion, according to the Bloomberg Billionaires Index, received a one-time limited waiver from SharkNinja’s board to sell a portion of his holdings in July. SharkNinja, the largest seller of small kitchen appliances in the U.S., had revenue of US$6.4 billion in 2025. Wang owns about 35 per cent of the company.This advertisement has not loaded yet, but your article continues below.5. Michael IntratorTitle: Chair & CEO, CoreWeave Inc.Total shares sold: 4,061,793Total value sold: US$347,150,716CoreWeave, a provider of computing power for artificial intelligence systems, has become a bellwether for the AI data centre boom. As the company’s stock price has bounced around since its 2025 initial public offering, the company’s executives, led by Intrator, have unloaded billions of dollars of their holdings under 10b5-1 trading plans. The company has said the executives remain confident in the company’s future and the selloffs are part of routine plans to manage their liquidity over time.Intrator said the backlash to the data centre buildout has not impacted the company’s bottom line, telling CNBC on Sept. 30 that there “has absolutely not been any reduction in orders.” He predicted data centres in the future will be built in communities that welcome the new complexes. CoreWeave declined to comment.6. Jeff BezosTitle: Chair, Amazon.com Inc.Total shares sold: 1,209,649Total value sold: US$346,453,514Bezos sold 25 million shares of Amazon in 2025 and has continued to sell this year under a pre-arranged trading plan, shedding over one million in the third quarter. In an August filing, Bezos said he planned to sell up to 15 million shares worth more than US$4 billion. Amazon recently became the fifth company to surpass US$3 trillion in market value after reporting strong revenue for its cloud-computing business, joining Nvidia, Alphabet Inc., Microsoft Corp. and Apple Inc. as the only firms that have reached that size. But the stock has been volatile this year amid growing investor fears that companies are over-spending on the AI boom. Bezos is the third-richest person in the world with a fortune of US$281 billion.This advertisement has not loaded yet, but your article continues below.7. Martine RothblattTitle: Chair & CEO, United Therapeutics Corp.Total shares sold: 608,000Total value sold: US$314,074,848Rothblatt, the founder of biotechnology firm United Therapeutics, sold shares worth more than US$314 million this quarter through a pre-arranged 10b5-1 plan, which is scheduled to remain active until either the exercise of 1.7 million stock options or the end of the year. The sales came as United Therapeutics won a major legal victory last month in a patent battle with Liquidia Corp. over its lung therapies.8. John OylerTitle: Chair & CEO, BeOne Medicines Ltd.Total shares sold: 904,384Total value sold: US$293,470,063John Oyler, chair and CEO of oncology company BeOne Medicines, offloaded 904,384 shares under a pre-established 10b5-1 trading plan. Oyler still owns nearly five per cent of the company. His sales came as the company’s shares have gained about 20 per cent this year.The Trump administration in August struck new drug-pricing agreements with nine biotech and pharmaceutical companies, including BeOne. As part of the deal, the companies agreed to provide discounts on outpatient drugs to state Medicaid programs. A spokesperson for BeOne on Aug. 31 said its agreement exempts the company’s medicines from two upcoming pilot programs testing price reductions in Medicare for physician-administered and pharmacy drugs.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.9. Peter BeckTitle: Chair & CEO, Rocket Lab Corp.Total shares sold: 3,275,779Total value sold: US$286,410,196Rocket Lab CEO Peter Beck and other company executives sold a combined US$5.49 million worth of shares over the summer as the space company undergoes a major transformation. In late June, Rocket Lab agreed to buy Iridium Communications Inc., a pioneer in satellite telephones, as it seeks to compete with SpaceX’s Starlink service.Beck said Iridium will provide the tools needed for Rocket Lab to operate its own satellite constellations to provide telecommunications and internet services.“You can have all the satellites you want on the ground and all the rockets in the hangars that you want, but if you don’t have the spectrum and the landing rights to be able to ultimately provide the services you need, then it’s all for nothing,” Beck said in a June interview with Bloomberg News.10. Frank SlootmanTitle: Chair, Snowflake Inc.Total shares sold: 908,191Total value sold: US$282,703,213Dutch businessman Frank Slootman, who stepped down as Snowflake’s CEO in 2024, has been unloading Snowflake Inc. stock options under a pre-arranged plan. He’s worth US$3.5 billion, according to Bloomberg’s wealth index. Snowflake declined to comment.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.