Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker in two days, cashing in US$14.4 million (S$18.45 million). This was his first trade under a new plan.
Bloomberg reported that according to documents filed with the US Securities and Exchange Commission (SEC) on Monday (June 23), Huang sold a total of 100,000 shares worth about US$14.4 million on June 20 and June 23.
The transactions were part of a new 10b5-1 trading plan he set up in March this year and disclosed in Nvidia’s quarterly earnings report last month. The plan allows him to sell up to US$865 million in shares by the end of the year.
Huang is currently the 12th richest person in the world, with a net worth of US$126 billion, almost all of which comes from his Nvidia shares, according to the Bloomberg Billionaires Index. According to the index, he has sold more than US$1.9 billion of Nvidia shares to date.
Nvidia did not immediately respond to requests for comment outside of office hours.
Huang plans to sell 50,000 more shares soon
This trading plan is very common, with billionaires and executives looking to cash out some of their shares without causing panic among investors. Under the plan, Huang can sell up to 6 million Nvidia shares by the end of the year. Based on Monday’s closing price of $144.17, the total value is about $865 million. Another filing on Monday showed that Huang plans to sell another 50,000 shares soon.
Nvidia board member and billionaire Mark Stevens has also been selling Nvidia shares recently. According to another filing on Monday, he sold more than 600,000 Nvidia shares on June 18, cashing in about $88 million.
As early as early June, Stevens submitted a proposal to sell up to 4 million Nvidia shares, and he has sold more than 2 million shares so far. Unlike Huang and other directors, Stevens’s trades were not based on 10b5-1 plans.
Stevens has a net worth of $9.8 billion, according to the Bloomberg Wealth Index.