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Members of Nvidia’s board of directors have liquidated their holdings in the company in recent weeks. getty
Members of the board of directors of Nvidia, the much-talked-about AI company at the forefront of technological evolution, are reaping the benefits of the company’s soaring stock price. The company’s stock is trading at $887 today, up 26.5% this month alone.
Four insiders sold their holdings in multiple transactions over the past four weeks, according to SEC filings. They join a growing list of executives who have sold billions of dollars in company stock in recent months. JPMorgan Chase CEO Jamie Dimon recorded $150 million in the first-ever stock sale last month, and Amazon founder Jeff Bezos sold $8.5 billion in Amazon stock. did. Meta Platforms founder Mark Zuckerberg sold $1.2 billion, and private equity founder Leon Black made his first sale worth $172.8 million.
Tench Coxe, a member of Nvidia’s board of directors and 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, Mr. Cox earns $255,000 worth of restricted stock annually and he earns $85,000 in cash. Mr. Cox has been a director of Nvidia since 1993.
Similarly, director Mark Stevens sold 12,000 shares worth $10.2 million this week, after selling 15,000 shares worth about $12 million last month. Mr. Stevens is a managing partner at S-Cubed Capital, a private family office investment firm, and was previously a partner at Sequoia Capital, a VC investment firm. Mr. Stevens served as a director from 1993 to 2006 and returned to the board in 2008. Mr. Stevens previously sold 36,000 shares for about $19.7 million in January, when the stock price was about $546.
Another director, Mark Perry, sold 15,000 shares for about $11.9 million on February 23, just two days after the company reported its results on February 21. Mr. Perry has served on the board for nearly 10 years and is a nonprofit consultant and former CEO. At biopharmaceutical company Aerovance.
Harvey Jones, a longtime director who joined the board in 2003, carved out a portion of the company’s stock for about $53 million. Jones is his partner in managing Square Wave Ventures.
Despite the sales, Cox, Jones, Stevens and Perry still hold significant stakes in the AI chip developer. Mr. Cox owns approximately 4.1 million shares, Mr. Jones approximately 1 million shares, Mr. Perry 152,000 shares, and Mr. Stevens 4.4 million shares. CEO Jensen Huang owns approximately 86 million shares, or 3.5% of the company’s stock.
Meanwhile, Amazon CEO Andrew Jassy sold 50,000 Amazon shares this week for about $9 million. His sale came as part of a pre-arranged trading plan.
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