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Nvidia shares closed 4% higher on a report that CEO Jensen Huang has finished selling shares.
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Huang raised a total of $713 million from the sale.
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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.
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
