On September 17, 2024, NVIDIA CEO Jensen Huang spoke onstage with Salesforce CEO Marc Benioff at Salesforce Dreamforce in San Francisco.
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NVIDIA For the time being, CEO Jensen Huang has completed a stock sale in the chipmaker, cashing out more than $700 million under a prearranged plan.
The 61-year-old executive adopted a trading plan in mid-March to sell up to 6 million Nvidia shares by the end of the first quarter of 2025. Hwang reached that goal several months ahead of schedule through a series of transactions between June 13 and Sept. 12, according to new regulatory filings.
The sale was made under a 10b5-1 plan, which allows insiders to sell shares under a pre-planned structure, but Tuesday’s update seemed to boost Nvidia’s shares, which traded up more than 4%.
NVIDIA
The chipmaker is one of the biggest beneficiaries of the artificial intelligence boom, with its shares up more than 140% this year. Nvidia’s market capitalization briefly topped $3 trillion earlier this year, and its dominance has grown to the point where it has an impact on the overall market and investor sentiment.
Nvidia declined CNBC’s request for comment.
Barron’s magazine first reported on Hwang’s planned completion of the sale on Tuesday.
Following the sale, Hwang now owns 75.4 million Nvidia shares, plus another 786 million through various trusts and partnerships, according to a separate filing. The company’s most recent proxy statement lists Hwang as the company’s largest individual shareholder.
Nvidia sells processors and services like OpenAI’s ChatGPT that are powering the generative AI boom. The company Microsoft, Meta, alphabet, Amazon and Oracle As a major customer.
