Nvidia shares rise on report CEO Jensen Huang is done selling shares after $713 million windfall

by

Nvidia CEO Jensen Huang
Slaven Vlasic/Getty Images for The New York Times; Chelsea Jia Feng/BI

  • Nvidia shares closed 4% higher on a report that CEO Jensen Huang has finished selling shares.

  • Huang raised a total of $713 million from the sale.

  • He remains Nvidia’s largest shareholder.

Nvidia shares rose as much as 5% on Tuesday after Barron’s CEO Jensen Huang completed a planned share sale.

Huang has reached the maximum threshold of 6 million shares he can sell under a pre-arranged plan adopted in March. The trading plan, known as a 10b5-1, allows company insiders to trade a company’s stock in a predetermined manner.

See also  Deutsche Bank loves this stock and pays a dividend of almost 13%

Huang remains the company’s largest Nvidia shareholder. According to a Sept. 18 SEC filing, the executive owns more than 75 million shares of Nvidia common stock; that’s not counting another 785 million held through various trusts and partnerships.

The stock is up 150% this year. Nvidia has become a Wall Street darling in recent years as its semiconductor hardware has become a core component of the artificial intelligence boom.

Its top customers include other big tech names such as Microsoft, Meta, Alphabet and Amazon.

Read the original article on Business Insider

See also  Bosses are firing Gen Z graduates just months after hiring them. This is what they think needs to change

Leave a Comment