Nvidia board members cash in on $2 trillion AI company’s stock after price surged a massive 27%
by Deanna Walker March 7, 2024 in Market
Nvidia board members cash in on trillion AI company’s stock after price surged a massive 27%
Board members of Nvidia – the AI company no one can stop talking about, which is at the forefront of technological advances – are taking advantage of the surge in the company’s stock. The company’s shares traded at $887 today, up 26.5% in this month alone.
SEC filings show that four insiders sold holdings via multiple transactions over the past four weeks. They join a growing list of executives who have invested billions of dollars in company shares in recent months. JPMorgan Chase CEO Jamie Dimon recorded his first stock sale of $150 million last month, while Amazon founder Jeff Bezos sold $8.5 billion in Amazon stock. Meta Platform founder Mark Zuckerberg made a $1.2 billion sale and private equity founder Leon Black made his first sale of $172.8 million.
On Nvidia’s board, Tench Cox, a former managing director of venture capital investment firm Sutter Hill Ventures, sold $170 million of the company’s stock in three transactions yesterday. As a director, Cox earns $255,000 worth of restricted stock and $85,000 in cash annually. Cox has been a member of the Nvidia board since 1993.
Similarly, board member Mark Stevens sold 12,000 shares worth $10.2 million this week after selling 15,000 shares last month, worth about $12 million. Stevens is the managing partner at private family office investment firm S-Cubed Capital and was previously a partner at VC investment firm Sequoia Capital. Stevens was a director from 1993 to 2006 and rejoined the board in 2008. Stevens previously sold 36,000 shares in January, when the stock was around $546, for about $19.7 million.
Another board member, Mark Perry, sold 15,000 shares for $11.9 million on February 23, two days after the company reported earnings on February 21. Perry has been a director for nearly a decade and a consultant to nonprofits and the former CEO of the biopharmaceutical company Aerovance.
ALSO READ:
European markets expected to remain sluggish ahead of ECB rate decision – NBC New York
Alphabet Inc (GOOG) CEO Sundar Pichai sold 22,500 shares
Longtime director Harvey Jones, who joined the board in 2003, sold a portion of his stake in the company for about $53 million. Jones is the managing partner of Square Wave Ventures.
Despite their sale, Cox, Jones, Stevens & Perry still own a significant stake in the AI chip developer. Cox owns about 4.1 million shares, Jones owns about a million shares, Perry owns 152,000 shares and Stevens owns 4.4 million shares. CEO Jensen Huang holds about 86 million shares in the company, or a 3.5% stake.
Meanwhile, Amazon CEO Andrew Jassy sold 50,000 Amazon shares this week for about $9 million. Their sale was carried out as part of a previously established trading plan.
This story originally appeared on Fortune.com
Source: finance.yahoo.com
