After Jensen Huang, the founder of NVIDIA ( NVDA.O ), resigned due to personal reasons, the transaction records of U.S. President Donald Trump and several members of Congress' families selling their NVIDIA stocks came under attention. These transactions occurred before a series of corporate scandals were exposed and the company's stock price plummeted, with some of these sales approaching historical highs.
The family trust associated with the wife of California Democratic Representative Ro Conner (Ro Khanna) and Trump's investment accounts both sold NVIDIA stocks before the relevant information was made public. As the company's stock price plummeted, there has been concern from the outside world about whether these transactions involved gaining access to sensitive information in advance. Currently, there is no evidence to suggest that these transactions constituted insider trading.
The Congressional Transaction Tracking Platform Trade With Congress discovered, based on Connor's financial disclosure records, that the family trust associated with his wife sold NVIDIA stocks on September 4th and October 7th respectively. The amount of both transactions was between $1,001 and $15,000.
On October 7th, the reduction in holdings occurred the day after NVIDIA set a record high closing price on October 6th. ZeroHedge reported that these transactions allowed the related trusts to avoid approximately 30% of NVIDIA's subsequent stock price decline. However, this percentage is a comparison of stock price changes and cannot be directly equated to the actual losses avoided by the trusts.
U.S. President Donald Trump has also previously sold NVIDIA shares. The investment data platform Quiver Quantitative pointed out on November 12 that a transaction disclosed by Trump on August 21 involved the sale of NVIDIA shares worth up to $1 million, which was about two weeks earlier than the Conner family trust's reduction in holdings on September 4.
According to a report by Reuters on October 8, Trump's financial disclosure documents made public that month showed that he bought up to $1.6 million worth of NVIDIA stocks in August and sold up to $1 million worth at the same time. These transactions were part of hundreds of securities trades he conducted that month. The documents were signed on September 17 and made public on October 8.
White House spokesman Davis Engel ( Davis Ingle ) previously told Reuters that Trump's investment portfolio is independently managed by third-party financial institutions, with investments allocated using recognized indices including the Schwab 1000 Index, and all investment decisions are made by independent managers.
Conner's office also denied that he used insider information for trading. A spokesperson told the California Post that Conner and his staff had never received any briefings regarding counterintelligence risks related to Jensen Huang, Megaspeed, or NVIDIA.
The spokesperson stated that Connor only became aware of the situation after The New York Times reported on it. He himself did not trade stocks and did not provide any instructions regarding the investment decisions of the family trust.
Conner previously explained that his family's investment assets were held in a diversified trust established by his parents-in-law before his marriage and managed by an independent third-party trustee.
Conner has long supported restrictions on U.S. Congress members participating in stock trading. In December 2023, he proposed legislation to ban Congress members from holding and trading individual stocks.
However, their family's investment transactions had previously attracted media attention. According to a report by The New York Post in August of this year, the Connor family trust conducted a total of 5,402 securities transactions in 2025, with the declared total transaction amount reaching up to $165.4 million, and the highest selling amount reaching $70.6 million.
The report also stated that Connor's wife purchased NVIDIA stocks worth between $100,000 and $250,000 in February 2024, and the related investment subsequently yielded a return of about 143%. ZeroHedge citing Common Cause's statistics, Connor ranked third in the list of congressional members' trading profits for 2025. The statistics involve family investment accounts and do not represent that Connor personally executed the trades.
Conner's position in Congress also became part of this discussion.
In April of this year, Connor also attended a discussion event on artificial intelligence leadership organized by Stanford University alongside Jensen Huang. The topics included maintaining the United States' advantage in the artificial intelligence industry and expanding the local pool of tech talent.
The related reductions in holdings are not limited to the Connor family. According to the reporting records compiled by the investment data agency Quantellect, the wife of Pete Sessions ( Pete Sessions ), a Republican congressman from Texas, sold NVIDIA stocks worth between $15,000 and $50,000 on October 2nd.
Dan Moiser, a Republican representative from Pennsylvania ( Dan Meuser ), sold NVIDIA stocks worth between $10.01 and $15,000 on September 25. Jill Sisneros, a Democratic representative from California ( Gil Cisneros ), also reported selling NVIDIA stocks in the same amount range on October 20.
These transactions involve different holders and dates, and the existing public information is not sufficient to prove any correlation between these transaction decisions.
