Conine Steven, co-founder of Wayfair (W), has filed 86 Form 4 transactions across two companies, with a clear and consistent selling bias. His total open-market sales amount to $148.4 million, while he has recorded zero open-market purchases. The recent activity, spanning February through August 2026, shows 23 sales and no buys, all in Wayfair stock. The largest single-day cluster came on August 12, 2026, when five sales totaled roughly $7.1 million, including individual transactions of $2.6 million and $2.45 million. Earlier clusters on April 23 and March 23 produced $9.2 million and $8.3 million in combined sales, respectively.
The pattern is one of steady liquidation rather than sporadic trimming. Sales occurred in nearly every month of the observed window, with values ranging from $18,448 on August 12 to a peak single transaction of $4.07 million on April 23. The only non-sale filings were a conversion of derivative securities (code C) on April 20, valued at zero, and a grant of shares (code A) in CARG on June 3, also valued at zero. Neither represents a cash purchase. The CARG grant appears to be compensation, not an acquisition of stock on the open market.
Across all 86 filings, Conine has never used code P, the designation for an open-market purchase. His selling is concentrated in Wayfair, where he is a co-founder, and the dollar amounts have been substantial in each of the past six months. The most recent transaction, an $18,448 sale on August 12, is small relative to his typical activity, but it continues the same direction. There is no recent buy to offset the sales, and the total acquired value across all filings is zero.
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