(Bloomberg) — Nvidia Corp. (NVDA) CEO Jensen Huang sold nearly $169 million worth of shares in June, the most he has made in a single month, as insatiable demand for the chips used to power artificial intelligence sent the stock price soaring to new highs.
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The sale of 1.3 million shares, his first of the year, came in a month when Nvidia’s market value topped $3 trillion for the first time, briefly making it the world’s most valuable company and thrusting Huang, 61, into the rarefied group of ultra-rich with fortunes of more than $100 billion.
The series of trades were executed under a 10b5-1 trading plan adopted in March, the documents said. Nvidia declined to comment.
Nvidia’s dominant market share in high-end accelerators has made it one of the biggest beneficiaries of the AI craze. With shares up more than 150% year-to-date, Huang’s net worth has more than doubled — to $63.7 billion — in the past six months. The company co-founder now ranks 13th on the Bloomberg Billionaires Index with a fortune of $107.7 billion.
He’s not the only insider selling. Company executives and directors have sold more than $700 million worth of stock in the first half of this year, a dollar amount that surpasses any other period in the company’s history.
Another beneficiary of Nvidia’s share price surge is Huang’s personal foundation. The Jen-Hsun & Lori Huang Foundation is sitting on an estimated war chest of more than $8 billion based on the 69 million shares it owned at the end of 2022, according to its most recent tax filings. So far, the bulk of Huang’s personal giving has gone to a donor-advised fund run by Schwab Charitable.
Huang has cashed in nearly $1.1 billion in stock since the start of 2020, including sales in June. Additional filings show he plans to continue selling in July.
—With assistance from Jack Witzig.
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