Conine Steven, co-founder of Wayfair (W), has filed 103 Form 4 transactions across two companies, with a total sell value of $175.8 million and zero open-market purchases. The recent activity is entirely on the sell side: 24 open-market sales in the last several months, all in Wayfair stock. The most concentrated selling came on October 15, 2026, when three transactions totaled roughly $13.0 million, following October 12 sales of about $7.2 million. September 14 brought nine separate sales worth approximately $7.1 million, and August 12 saw five sales totaling about $7.1 million. The smallest recent sale was $18,448.50 on August 12, and the largest was $5.4 million on October 15.
The pattern is one-directional. Conine has not reported a single purchase, grant, or option exercise in the recent window. The only non-sale filing was a zero-value award of Class A common stock in CarGurus (CARG) on June 3, 2026, which is compensation rather than a conviction buy. Across all 103 filings, the total acquired value is zero, meaning every transaction with a dollar figure attached has been a disposition.
The selling is spread across multiple dates and transaction sizes, which suggests a systematic approach to reducing the position rather than a single large exit. The dollar values vary widely, from under $20,000 to over $5 million, and the sales cluster on specific days, with multiple trades executed on the same date. This is consistent with a pre-arranged selling plan, though the filings themselves do not state that. The last reported transaction was on October 15, 2026, and there is no indication of any reversal in direction.
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