Nvidia shares closed up 4% after reports that CEO Jensen Huang had completed a stock sale, bringing total proceeds to $713 million. Huang remains Nvidia’s largest shareholder.
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Nvidia shares rose 5% on Tuesday after Barron’s reported that CEO Jensen Huang had completed a planned stock sale.
Hwang reached the 6 million shares limit he is allowed to sell under a prearranged trading plan adopted in March. The trading plan, known as a 10b5-1, allows company insiders to trade the company’s stock in predetermined ways.
Huang remains Nvidia’s largest shareholder: He owns $75 million worth of Nvidia common stock, according to a Sept. 18 SEC filing, in addition to the $785 million he holds through various trusts and partnerships.
The company’s shares have risen 150% since the beginning of the year. Nvidia has become a Wall Street favorite in recent years as its semiconductor hardware has become a core component of the artificial intelligence boom.
The company’s major clients include other major technology companies such as Microsoft, Meta, Alphabet and Amazon.
