Unable to sell at a profit! Huang Renxun "cashes out" $169 million worth of NVIDIA stocks at a high price
NVIDIA CEO Jensen Huang cashed out $169 million in stocks in the rising stock price this year, making a profit of nearly $170 million. Huang also plans to continue selling his shares in July. His net worth has more than doubled in the past six months, reaching $63.7 billion. Huang is currently ranked 13th in the Bloomberg Billionaires Index with a wealth of $107.7 billion
According to Zhitong Finance, Huang Renxun, the CEO of NVIDIA (NVDA.US), sold 1.3 million shares of the company's stock in the past week, taking advantage of the stock price surge of 155% so far this year. According to a form submitted to the U.S. Securities and Exchange Commission, Huang made a profit of approximately $169 million from the stocks sold between June 28 and July 2, at prices ranging from $118.98 to $127.66.
As a core driver of the artificial intelligence revolution, this CPU and GPU manufacturer has been thriving, with the huge demand for chips used to power artificial intelligence driving the company's stock price to new highs. NVIDIA's dominant position in the high-end accelerator market has made it one of the biggest beneficiaries of the artificial intelligence boom.
Earlier last month, NVIDIA's market value surpassed $3 trillion, joining the ranks of Apple (AAPL.US) and Microsoft (MSFT.US). Its market value had once exceeded Microsoft's to become the top market cap stock in the U.S., but has since fallen back after a cooling of market sentiment. Its current market value is $3.15 trillion, with Microsoft at $3.42 trillion in the top spot and Apple at $3.39 trillion in second place.
This is the largest single-month reduction in stock by Huang Renxun, marking his first sale of 1.3 million shares this year. With NVIDIA's market value surpassing $3 trillion for the first time this month, it briefly became the most valuable company in the world, making 61-year-old Huang Renxun one of the few super billionaires with a wealth exceeding $100 billion.
Since the beginning of 2020, including sales in June, Huang has cashed out nearly $1.1 billion in stocks. Other documents indicate that he plans to continue selling his holdings in July. Due to the stock's increase of more than 150% since the beginning of this year, Huang Renxun's net worth has more than doubled in the past six months, reaching $63.7 billion. Huang Renxun currently ranks 13th on the Bloomberg Billionaires Index with a wealth of $107.7 billion.
Another beneficiary of NVIDIA's soaring stock price is Huang Renxun's personal foundation. According to the latest tax filing of Huang Renxun Foundation, based on the 69 million shares held by the foundation at the end of 2022, the foundation is estimated to have over $8 billion in funds. So far, most of Huang Renxun's personal donations have been made to a fund operated by Schwab Charitable, which is advised by donors.
Huang Renxun is not the only insider selling stocks. In the first half of this year, NVIDIA executives and directors sold over $700 million worth of shares, a figure that surpasses any historical period of selling.
According to data compiled by Washington Service, NVIDIA executives and board members have sold approximately 770,000 shares of NVIDIA stock worth over $700 million so far this year, not including the impact of the stock split on June 10 at a ratio of 1 to 10. According to the latest data from Washington Service, this is the largest scale of selling on a semi-annual basis since the first half of 2023, when about 848,000 shares were sold.
Furthermore, despite many insiders being sellers, there has been a lack of internal buying power. According to data compiled by Washington Service, apart from exercising significant options, NVIDIA has had no insiders buying stock since NVIDIA CFO Colette Kress bought a large amount of stock in December 2020