Nvidia board members cash in stock in the $2 trillion AI company following blockbuster 27% run up in price
Board members at Nvidia— the AI company no one can stop talking about that is at the forefront of the tech evolution—are reaping the benefits of a runup in the company’s stock. Shares in the company traded at $887 today, up 26.5% this month alone.
Four insiders sold holdings via multiple transactions in the past four weeks, SEC filings show. They joined a growing list of executives who have unloaded billions in company stock in recent months. JPMorgan Chase CEO Jamie Dimon logged his first-ever stock sale last month to the tune of $150 million, while Amazon founder Jeff Bezos sold $8.5 billion in Amazon stock. Meta Platforms founder Mark Zuckerberg sold $1.2 billion and private equity founder Leon Black made his first-ever sale worth $172.8 million.
On the Nvidia board, Tench Coxe, former managing director at venture capital investment firm Sutter Hill Ventures, sold $170 million in company stock in three transactions yesterday. As a director, Coxe earns restricted stock valued at $255,000 annually and $85,000 in cash. Coxe has been an Nvidia board member since 1993.
Similarly, board member Mark Stevens offloaded 12,000 shares of stock worth $10.2 million this week after shedding 15,000 shares last month, worth about $12 million. Stevens is managing partner at private family office investment firm S-Cubed Capital and was previously a partner at VC investment company Sequoia Capital. Stevens was a director from 1993 to 2006 and rejoined the board in 2008. Stevens previously sold 36,000 shares in January when the stock was about $546 for about $19.7 million.
Another board member, Mark Perry, sold 15,000 shares for about $11.9 million on Feb. 23, just two days after the company reported earnings on Feb. 21. Perry has been a director for nearly a decade and is a consultant for nonprofits and former CEO at biopharmaceutical company Aerovance.
Harvey Jones, a longtime director who also joined the board in 2003, carved off a portion of his stake in the company for about $53 million. Jones is managing partner of Square Wave Ventures.
Despite their sales, Coxe, Jones, Stevens and Perry still have significant stakes in the AI chip developer. Coxe holds around 4.1 million shares, Jones holds nearly a million shares, Perry holds 152,000 and Stevens holds 4.4 million shares. CEO Jensen Huang holds about 86 million shares in the company, a 3.5% stake.
Meanwhile, Amazon CEO Andrew Jassy sold 50,000 shares in Amazon this week for about $9 million. His sale was made as part of a trading plan set up in advance.
This story was originally featured on Fortune.com
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