Nvidia (NVDA.US) CEO completes $60M stock sale plan, totaling over $700M
1min read Nvidia (NVDA.US) CEO Jensen Huang has completed the sale of 6 million Nvidia shares as part of a trading plan he established earlier this year, bringing his total income from the sale to over $700 million.
Huang sold the shares in batches between June 14 and September 13, with the number of shares ranging from 70 to 75,300 and the price ranging from $91.72 on August 5 to $140.24 on June 20.
Under his 10b5-1 trading plan, Huang earned a total of $713 million from the sale of the shares, with an average price of $118.83 per share. The plan was originally set to expire in March 2025, but all of the shares under the plan were sold six months ahead of schedule.
According to a filing Huang made to the Securities and Exchange Commission, his personal account currently holds 75.4 million Nvidia shares. In addition, he has 786 million Nvidia shares through trusts and partnerships.
According to Nvidia's latest proxy statement, Huang is the company's largest individual shareholder. As of the end of March, he held 3.8% of Nvidia's shares, which was before his 2024 stock sale.
Nvidia shares closed at $116.20 on Tuesday, little changed from the previous day, while the S&P 500 index fell about 0.3%. Nvidia shares have risen 135% this year, far outpacing the S&P 500's 20% gain.
The trading plan automatically executes stock trades when pre-set conditions (such as price and volume) are met, aimed at eliminating the possibility of insiders using non-public information to gain an advantage.
Huang may continue to sell more shares through another trading plan in the future, but his 2024 volume was far higher than last year.
In September 2023, Huang sold 237,500 Nvidia shares for a total income of $110 million, with an average price of $463.95 per share. This volume and price occurred before the company's 1-for-10 stock split in early June 2023. These trades were also planned, through the use of options to acquire the shares.