Jensen Huang, the CEO of Nvidia, sold Nvidia shares just before the stock market crash in New York.
On the 5th, Bloomberg News reported that Huang sold shares worth $322.7 million in July, marking the largest sale ahead of the market downturn. Huang, who also sold shares in June, has offloaded nearly $500 million since Nvidia’s share price peaked during the AI rally.
The sales in June and July followed a 10b5-1 trading plan established in March. This plan allows corporate insiders to schedule sales of their company’s stock through brokers.
As a result, Huang was able to sell some of his shares before the market downturn hit.
Bloomberg reported that while Huang’s sales were executed according to the plan, his timing proved advantageous given that Nvidia’s stock dropped 14% over the last three trading days.
Despite this, Huang’s net worth took a hit due to the decline in stock prices. Bloomberg’s Billionaires Index shows that the combined wealth of the world’s 500 wealthiest individuals has decreased by $184.9 billion because of the market crash, with enormous tech fortunes alone accounting for $75.6 billion of this loss.
Huang’s wealth has declined by $5.9 billion. Although it briefly exceeded $100 billion last month, it now stands at $88.4 billion. This drop has also caused him to fall to 16th in the billionaire rankings.
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