Nvidia’s chief executive, Jensen Huang, has completed a significant pre-planned stock sale, offloading shares worth over $1 billion since June. This transaction marks the conclusion of an arrangement initiated in March 2023, allowing Huang to sell as many as 6 million shares by the end of the year. The final sale, which involved 25,000 shares, was reported on Friday, highlighting the immense growth of Nvidia, which recently became the first company to achieve a market valuation of $5 trillion.
Huang began his stock sales in late June when the value of the shares was approximately $865 million. His financial success reflects the broader trend of wealth generation within the technology sector, particularly driven by advancements in artificial intelligence. In 2023 alone, Nvidia has produced three new billionaires, including board member Brooke Seawell, whose wealth has surged alongside the company’s stock performance.
With a net worth of $175.7 billion, Huang ranks ninth on the Bloomberg Billionaires Index, having increased his fortune by $61.3 billion this year. Since 2001, he has sold more than $2.9 billion in Nvidia stock and currently retains a 3.5 percent stake in the company. Additionally, Huang has donated shares valued at over $300 million this year to his foundation and a donor-advised fund.
Nvidia did not provide a comment regarding Huang’s sales. His financial maneuvers are not isolated; other company insiders are also capitalizing on the AI boom. Notably, Jayshree Ullal, CEO of Arista Networks, surpassed Huang’s sales in the third quarter, selling $861 million in stock. Insiders at CoreWeave collectively sold more than $1 billion in the last quarter following their IPO lockup.
According to data from Washington Service, Nvidia insiders, including Huang, sold nearly $1.5 billion in stock through the third quarter of 2023. The total for 2024 has already exceeded $2 billion, a significant increase from $462 million in 2023. This surge highlights Nvidia’s unique position in the tech industry, where it has cultivated a remarkable wealth creation environment with seven billionaires among its ranks.
Several other Nvidia executives have experienced substantial financial growth recently. Chief Financial Officer Colette Kress and Executive Vice President of Worldwide Field Operations Jay Puri both achieved net worths of approximately $1.2 billion. Meanwhile, board member Tench Coxe has entered the list of the world’s 500 richest individuals with a net worth of $7.5 billion. Director Mark Stevens ranks 247th with a fortune of $12.5 billion, largely derived from Nvidia stock and his partial ownership of the Golden State Warriors.
Seawell, the most recent addition to this exclusive group, confirmed that he and his heirs possess a net worth of $1.1 billion via email. Unlike Coxe and Stevens, who joined the board through their venture firm’s investments, Seawell was an executive at NetDynamics when he became a board member in 1997 and continues to serve as a venture partner at New Enterprise Associates.
As Nvidia continues to push boundaries in the AI sector, the financial landscape surrounding the company is likely to evolve further, influencing both the market and its stakeholders significantly.
