Nvidia CEO Jensen Huang cashes in on stock rally with $229 million share sale

San Francisco – Nvidia chief executive Jensen Huang unloaded shares worth nearly US$169 million (S$229 million) in June, the most he has netted in a single month, as the insatiable demand for the chips used to power artificial intelligence (AI) drove the stock to fresh peaks.

The sale of 1.3 million shares, his first of 2024, came during a month when Nvidia’s market value rose above US$3 trillion for the first time. That briefly made it the world’s most valuable company and pushed Mr Huang, 61, into the rarefied group of the ultra-rich with fortunes above US$100 billion.

The transactions were executed under a Securities and Exchange Commission trading plan adopted in March, according to the filings. Nvidia declined to comment.

Nvidia’s dominant share of the market for high-end accelerators has

made it one of the biggest beneficiaries of the AI craze.

Due to the stock’s more than 150 per cent gain since the start of 2024, Mr Huang’s net worth has more than doubled – rising by US$63.7 billion – in the last six months. The co-founder of the company is now ranked No. 13 on the Bloomberg Billionaires Index, with a US$107.7 billion fortune.

He is not the only insider selling. Company executives and directors unloaded more than US$700 million of shares in the first half of 2024, an amount that dwarfs any other period in company history.

Another beneficiary of Nvidia’s stock surge has been Mr Huang’s personal foundation. The Jen-Hsun and Lori Huang Foundation is sitting on an estimated war chest of more than US$8 billion based on the 69 million shares it held at the end of 2022, according to its most recent tax filings. So far, most of Mr Huang’s personal giving has been to a donor-advised fund run by Schwab Charitable.

Mr Huang has cashed out nearly US$1.1 billion in shares since the start of 2020, including June’s sales. Additional filings show that he plans to continue selling in July. BLOOMBERG