Nvidia CEO Jensen Huang just wrapped up the sale of six million shares of the chip maker, completing a trading plan he adopted earlier in the year—and grossing more than $700 million.
Nvidia CEO Jensen Huang
Nvidia didn’t make Huang available for comment, and the company also declined to comment.
Huang sold shares from June 14 through Sept. 13, in transactions for as few as 70 shares and as many as 75,300, and at prices as low as $91.72 on Aug. 5 and as high as $140.24 on June 20.
In all, he grossed $713 million through stock sales executed by his Rule 10b5-1 trading plan, an average price of $118.83 each. The plan was set to be effective through March 2025, but it sold all of the allotted shares six months before expiration.
Huang’s plan sold shares from a personal account that now owns 75.4 million Nvidia shares, according to a form he filed with the Securities and Exchange Commission. He also owns 786 million company shares through trusts and partnerships.
Huang is the largest individual owner of Nvidia stock, according to Nvidia’s latest proxy statement, owning a 3.8% stake as of the end of March, before his 2024 stock sales.
In Tuesday trading, Nvidia stock was about flat at $116.10.
Nvidia’s share price has been volatile, as reflected in Huang’s sale prices, but they continue to sport a 135% gain for the year to date, crushing the 20% rise in the index.
Trading plans automatically execute stock trades when preset conditions, such as price and volume, are met. They are intended to remove any advantage an insider may have from knowledge of material nonpublic information.
Huang could adopt another plan to sell even more shares, but his 2024 transactions already dwarf what he sold last year.
In 2023, he sold 237,500 Nvidia shares, all in the month of September, for $110 million, an average price of $463.95 each. That share count and price was before a 10-for-one stock split that was effective in early June. The 2023 sales were also planned transactions, ones that involved acquiring stock through the use of options.